30-year fixed mortgage dropped to 4.22

U.S. mortgage rates fell for the first time in three weeks as investors speculated that the Federal Reserve will hold off on tapering bond purchases (ETSLTOTL) that are bolstering the economy.

The average rate for a 30-year fixed mortgage dropped to 4.22 percent from an eight-week high of 4.35 percent, Freddie Mac said in a statement today. The average 15-year rate slipped to 3.27 percent from 3.35 percent.

November 22, 2013 in Current Rates | Permalink | Comments (0)

Average 30-year mortgage rate dips to 4.22%

WASHINGTON (AP) — Average U.S. rates on fixed mortgages declined this week after two weeks of increases, keeping home-buying affordable.

Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year loan fell to 4.22% from 4.35% last week. The average on the 15-year fixed mortgage dipped to 3.27% from 3.35%.

November 21, 2013 in Current Rates | Permalink | Comments (0)

Mortgage Rates Preview : What To Expect From The Last Week Of 2012

Freddie Mac reported conforming 30-year fixed rate mortgage rates rising to 3.37%, on average, nationwide. The rate is available to homeowners willing to pay 0.7 discount points at closing, plus a full set of closing costs.

Mortgage applicants opting for zero-closing cost and no-closing cost mortgages should expect slightly higher rates.

As compared to the week prior, mortgage rates rose 0.05 percentage points, marking the biggest one-week jump in mortgage rates since mid-August 2012. FHA mortgage rate shoppers were hit especially hard. 30-year fixed rate mortgage rates moved to multi-week highs last week.

Rates have been volatile this December. The action is Fiscal Cliff-related.

The term "Fiscal Cliff" refers to January 1, 2013 -- the date upon which a series of tax and government spending changes are scheduled to occur, unless legislators decide to reschedule or revamp said changes

via themortgagereports.com

December 24, 2012 in Current Rates, Mortgage | Permalink | Comments (0)

Time to refi? Mortgage rates hit record low

The benchmark 30-year fixed-rate mortgage fell to 3.5 percent from 3.52 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.4 discount and origination points. One year ago, the mortgage index stood at 4.24 percent; four weeks ago, it was 3.57 percent.

The benchmark 15-year fixed-rate mortgage fell to 2.85 percent, from 2.86 percent. The benchmark 5/1 adjustable-rate mortgage was 2.74 percent, the same as last week.

via finance.yahoo.com

December 23, 2012 in Current Rates, Refinancing | Permalink | Comments (0)

Lenders Sped up Refi Processing in November

Metrics of loans originated through Ellie Mae's mortgage management software and network were largely unchanged from earlier months according to its Origination Insight Report for November 2012 released today.  The report covers over 20% of all originations in the United States. 

Loans originated for the purpose of refinancing declined from 69 percent of the total loans originated to 68 percent and the FHA share of originations remained at 19 percent.  This is, however down from an FHA share of 25 percent in November 2011. 

Jonathan Corr, chief operating officer of Ellie Mae said "There were also signs that HARP may still have some legs: Conventional refinances at 95%-plus LTV rose for the third month in a row, hitting 9.62% in November 2012."

via www.mortgagenewsdaily.com

December 23, 2012 in Mortgage, Refinancing | Permalink | Comments (0)

30-year mortgage rate at 3.96 percent - CSMonitor.com

The Mortgage Bankers Association (MBA) publishes the results of a weekly applications survey that covers roughly 50 percent of all residential mortgage originations and tracks the average interest rate for 30 year and 15 year fixed rate mortgages as well as the volume of both purchase and refinance applications.

via www.csmonitor.com

30-year mortgage rate at 3.96 percent

The latest data is showing that the average rate for a 30 year fixed rate mortgage went flat at 3.96% since last week while the purchase application volume increased 2.1% and the refinance application declined 2.0% over the same period.

March 7, 2012 | Permalink | Comments (0)

30-year mortgage holds at record low - Mortgages - MarketWatch

CHICAGO (MarketWatch) — The average interest rate on the 30-year fixed-rate mortgage isn’t budging from its record low, holding at 3.87% for the third week in a row, according to Freddie Mac’s weekly survey of conforming mortgage rates.

via www.marketwatch.com

February 16, 2012 in Mortgage | Permalink | Comments (0)

Mortgage Rates for 30-Year U.S. Loans Fall to Record-Low 3.89%

Mortgage Rates for 30-Year U.S. Loans Fall to Record-Low 3.89% - BusinessWeek

Rates for 30-year U.S. mortgages fell to the lowest level on record after Federal Reserve Chairman Ben S. Bernanke urged lawmakers to do more to revive housing.

The average rate for a 30-year fixed loan decreased to 3.89 percent in the week ended today, the lowest in records dating to 1971, from 3.91 percent, Freddie Mac said in a statement. The average 15-year rate dropped to 3.16 percent from 3.23 percent, according to the McLean, Virginia-based mortgage-finance company.

January 13, 2012 | Permalink | Comments (0)

Mortgage rates hit record lows: Freddie Mac - Mortgages - MarketWatch

Mortgage rates hit record lows: Freddie Mac - Mortgages - MarketWatch

Mortgage rates dropped to record lows this week, with 30-year fixed-rate mortgages falling to 3.89%, its sixth week below the 4% mark, according to Freddie Mac’s weekly survey of conforming mortgage rates.

The mortgage averaged 3.91% last week and 4.71% a year ago.

Rates on 15-year fixed-rate mortgages averaged 3.16% for the week ending Jan. 12, down from 3.23% last week and 4.08% a year ago.

Adjustable-rate mortgages also dropped, with 5-year Treasury-indexed hybrid ARMs averaging 2.82%, down from 2.86% last week and 3.72% a year ago, according to the survey. One-year Treasury-indexed ARMs averaged 2.76%, down from 2.8% last week and 3.23% a year ago

January 12, 2012 | Permalink | Comments (0)

Homeowners refinance at lower mortgage rates

Good article in the sacramento bee on Jan. 11 th talking about the lower mortgage rates - check the full

Excerpts: 

As 2009 opens, the "refi" chase is on in neighborhoods across the country and across the region.

This new suburban sport was launched by mortgage rates that in recent weeks have fallen to lows not seen in almost four decades, offering potential to shave millions of dollars in debt from Sacramento-area households. Thirty-year fixed rates are suddenly floating in a zone of 5 percent and below – before fees – bringing a rush of curiosity and applications, area mortgage brokers, bankers and credit unions say.

It's still not clear if lenders will be as willing to play the game as borrowers. Tightened credit rules, diminishing home values and other economic factors will have a big effect on how many actual refinancings take place.

The catalyst is Federal Reserve action to buy $600 billion in mortgage debt from government mortgage giants Freddie Mac and Fannie Mae, analysts say. The government intervention aims to make mortgage funds cheaper and more plentiful to help revive the nation's battered economy...

Yet for all the reported frenzy, it's still too early to tell if there is – or will be – a 2003-like refinance "boom," said Terry Halleck, president and chief executive of Sacramento-based The Golden 1 Credit Union.

"The past couple of weeks, applications have gone up about 300 percent from a year ago. It's huge. The real question is whether people will complete the loan or are just rate-shopping," she said.

The lack yet of a real boom is partly because many homeowners still believe rates may go lower as the economy weakens. And unlike 2003, many borrowers won't qualify for today's tightened credit rules.

"I had to jump through every hurdle on my loan," said Fernandez, who is moving back to Houston. "They're really scrutinizing people."

Other owners also lack adequate home equity to refinance. And today's lower rates only apply to loans under $474,950 in most of the region.

But so many homeowners are browsing, Halleck said, that Golden 1 is starting an application fee "to filter out the people who aren't serious."...

"The likelihood is that low mortgage rates are not a flash in the pan. They will be with us for much of 2009 as the Federal Reserve pumps money into the mortgage market over a period of time rather than all at once," said Greg McBride, a senior financial analyst at financial Web site Bankrate.com.

For households that qualify, this is the upside of the worst financial scare since the Great Depression. Many will shed thousands of dollars in long-range interest and free up personal spending money.

January 12, 2009 | Permalink | Comments (0)