14 Jan 11 Mortgage Rates Rebound Lower
Once again lenders reported lower interest rates for most types of home loans. Most mortgage insiders have said that home purchase loans will lead the types of loan originations in 2011. Most homeowners who were eligible refinanced their home in 2009 or 2010. So as mortgage rates rise, we anticipate that the home purchase market will lead the way.
According to Freddie Mac, rates fell for the 2nd consecutive week. The Mortgage Bankers Association reported that conforming, jumbo, VA and FHA mortgage rates were lower across the board. Freddie Mac’s report indicated that a fixed rate 30-year mortgages were available at 4.625% for the week ending January 13th. A fixed rate 15-year mortgage averaged 4.08 % this week.
Read the complete article > Home Mortgage Rates Drop for 2nd Week in a Row
10 Jan 11 Mortgage Rates Fall
Last week, Freddie Mac reported that the average rate on the 30-year mortgage dropped to 4.77% from 4.86% the previous week. The average 15-year rates fell to 4.13% from 4.20%. The 30-year mortgage rates fell to a forty-year low of 4.17 % in November. The 15-year mortgage rates dropped to 3.57% in November and this is lowest point since records starting in 1991. Home loan rates tend to track the yield on the 10-year Treasury note, which has been on the rise since November. Investors have shifted money out of Treasury’s and into stocks on expectations of economic growth and higher inflation.
29 Dec 10 Mortgage Rates Higher for 2011?
It’s no secret that home mortgage rates have been creeping upward for the new year. In most cases, home loan rates are higher today than they were last week. According to the Digital News Report, Citibank raised their rate while Bank of America and Chase lowered them. Mortgage refinance rates may vary slightly from rates for home buying.
Nationwide Mortgage offered a 30-year fixed rate mortgage at 4.625%. The lender also offers a 15-year loan for 4.375%. Their 5/1 adjustable rate mortgage (ARM) was 3.125%.
Citibank had a 30-year fixed mortgage rates available at 5.14%. The bank also offers a 15-year loan for 4.77%. Their 5/1 adjustable rate mortgage (ARM) was 3.44%.
Chase Bank announced fixed 30-year rates were available at 4.84%. Their 15-year mortgage was at 4.19% and their 5-year ARM was 3.42%.
Most lenders continue to report that conforming,VA and FHA mortgage rates were the same. The government financing continues to offer more flexible credit guidelines.
05 Nov 10 Home Loan Rates Stay Low
The average 30-year fixed mortgage rate increased to 4.28% from 4.25% a week earlier, which matched the 2nd-lowest on record. At the current FHA rates, monthly payments for each $200,000 of a 30-year fixed rate mortgage would be about $986.
The average rate on a 15-year fixed loan fell to 3.64% from 3.67%, and the rate on a one-year adjustable loan rose to 7.18 % from 7.07 %. The share of applicants seeking to refinance a loan fell to 81.3% from 82.3%.
FHA streamline refinance rates fell to 3.875% from 4% the previous week.
Foreclosure moratoriums at JPMorgan Chase & Co. and other banks, along with government investigations into faulty paperwork, threaten to further delay a recovery in home sales and prices as properties slated for repossession take longer to come to market.
In Arizona, Nevada and California mortgage rates fell to record lows even though the foreclosure rates continue to rise. Housing markets are “weak,” with “sluggish or declining” sales in many regions, the Federal Reserve said on October 20 in its survey of regional districts for September and early October.
08 Oct 10 Fixed 30 Year Mortgage Rates Fall Blow 4%
Home loan rates improved again yesterday. This is the first time that fixed thirty-year mortgage rates have been available below 4% nationally.
Lock into a Thirty Year Mortgage with a Fixed Interest Rate Below 4%!
The standard fixed thirty-year home loan rates have fallen into the 4.00% to 4.375% range for qualified borrowers. More mortgage lenders than ever are however willing to offer mortgage rates as low as 3.75% as long as the borrower is willing to pay points. The best par 15 year mortgage rates are in a range between 3.375% and 3.500%. 5 year ARMs are being quoted around 3.00%.
23 Sep 10 Home Mortgage Rates Remain Low
Mortgage company Freddie Mac, says home loan rates for fixed-rate home loans were unchanged for qualified borrowers this week . But other surveys are indictating that rates are declining again and hitting all-time lows in reaction to a Federal Reserve statement Tuesday that the markets interpreted as likely to drive down long-term interest rates.
Today, Freddie Mac said that its national survey showed lenders offering at an average 4.375% for a thirty-year mortgages with fixed rate terms and 3.825% for a 15-year fixed rate mortgages remained the same as the rates posted in the Freddie Mac’s previous weekly survey. Jumbo mortgage loans say higher mortgage rates ranging from 4.875% to 5.25% depending on loan to value and credit scores.
According to Sean Downs, a Colorado mortgage lender, “Interest rates are the problem right now. Rates are great, but getting borrowers qualified by meeting the equity and credit guidelines has been very challenging this year. Conventional and FHA lenders like Downs Financial continue to report difficulties finding borrowers who meet today’s tighter loan guidelines.
02 Sep 10 Mortgage Rates Fall for 11th Week in a Row
Freddie Mac announced today that the average 30-year mortgage rates dropped once again to a new record low of 4.32% with an average 0.7 point for the week ending September 2nd. In the previous period, the average was 4.36%, and the year-ago average was 5.08%. “The 12-month price growth of core personal expenditures remained at 1.4% in July, which kept overall inflation expectations well at bay. Federal Reserve chairman, Ben Bernanke reiterated this in his August 27th speech, noting that with inflation expectations reasonably stable and the economy growing, inflation should remain near current readings for some time before rising slowly. Amy Crews Cutts, Feddie Mac deputy chief economist said that as a result, home loan rates fell further this week to new historic lows.” It will be interesting to see if the record low mortgage rate streak can continue.
23 Aug 10 Home Mortgage Rates Fall to Record Lows Again
According to Freddie Mac, mortgage rates dropped this week to more record lows amid concerns about the state of the U.S. economy. Home mortgage rates on 30-year fixed-rate home loans, the most widely used loan, averaged 4.42 % this week, down from last week’s 4.44% and its year-ago level of 5.12 %, according to the survey. Home mortgage refinance loan volumes have risen for three consecutive weeks as the 30-year mortgage rates have fallen to record lows for nine straight weeks. Freddie Mac started the survey in April 1971. Meanwhile, 15-year fixed-rate home loans averaged 3.9%, down from 3.92% last week, the lowest level since Freddie Mac began surveying this loan type in 1991. 15-year mortgage rates have hit record lows for six straight weeks.
Freddie Mac said rates on 5/1 adjustable-rate mortgages, set at a fixed rate for five years and adjustable in each following year, was 3.56%, unchanged from last week, remaining at its lowest level since Freddie Mac began tracking this loan type in 2005.
Last year at this time, 15-year mortgages averaged 4.56 %; the one-year ARM was 4.69%, and the 5/1 ARM was 4.57%. Rock-bottom rates should continue to spur demand for home loan refinancing, putting extra cash into consumers’ hands that they can save, use to pay off existing debt or funnel into the economy through extra spending.
Home loan applications rose 13% in the week ended August 13th, fueled more by homeowners seeking a house refinance than by new buyers looking for loans, according to an index from the Mortgage Bankers Association. Record low interest rates have yet to spur home sales, which are being weighed down by unemployment and the end of a federally sponsored home-buyer tax credit.
29 Jul 10 Mortgage Rates Drop 4 out last 5 Weeks
Mortgage rates have steadily been falling in 2010. Yields on U.S. Treasury bonds have fallen as shaky investors look for safer investments. Mortgage rates tend to track the yields on Treasurys. Low mortgage rates helped spark a little activity in the sluggish housing market. According to the Mortgage Bankers Association, home loan applications for home buying inched up 2% last week from the previous week. Mortgage refinance activity has faltered slightly over the last week even though the refinance rates were also lower on the 15 and 30-year loans. The FHA Home Loan blog reported that FHA rates dropped again last week.
Tags: refinance rates
28 Jul 10 Mortgage Refinance Activity Falls
Mortgage applicants seeking home refinancing dropped to 78% last week from 79.4% the prior week, which was the highest level since April 2009. The average mortgage refinance rate on a 15-year fixed rate home loan rose to 4.12% from 4.05%, and the mortgage rate on a 1-year adjustable rate mortgage decreased to 3.15 % from 3.17 %
The Mortgage Bankers Association’s index fell 4.4% in the week ended July 23, the Washington-based group said today. The mortgage refinance measure fell 5.9% from the prior week’s one-year high, but the home purchase index did increase 2%. The average mortgage refinance rate with a 30-year fixed rate increased to 4.69% from 4.59% the prior week, which was the lowest since data began in 1990. Read the original mortgage news post online > Mortgage Refinancing Applications Drop.
22 Jul 10 Hybrid ARM Rates Decline
Mortgage rates on hybrid ARM loans declined again this week according to Freddie Mac. The 5-year ARM home loans averaged 3.79%, down from 3.85% a week earlier. Home mortgage rates on 1-year ARM home loans dipped to an average of 3.70% from 3.74%. The mortgage interest rates do not include loan origination fees known as points. One point origination is equal to 1% of the total loan amount. The national fee for home mortgage loans in Freddie Mac’s survey averaged 0.7 a point for 30-year, 15-year and 1-year loans. The average fee for 5-year ARM home loans was 0.6 of a point.
22 Jul 10 Freddie Mac Reports More Record Low Rates
Freddie Mac published their weekly rate report showing that rates for 30-year mortgages had dropped again to 4.56%. The mortgage icon reported that home loan rates declined to break the previous record set last week. Many first time home buyers will certainly make a move to lock the interest rate on their home loan.
The National Association of Realtors said today that last month’s sales fell 5.1% to a seasonally adjusted annual rate of 5.37 million. As previously reported, the housing market has been stalled since the federal tax credits for first home buyers expired on April 30th. Home refinance applications increased in recent weeks but home purchase loan applications have stalled. With home loan rates this low you have to wonder what kind of incentives consumers need to finance a home. Sales of previously occupied homes fell in June and are expected to keep sinking. The National Association of Realtors said Thursday that last month’s sales fell 5.1% to a seasonally adjusted annual rate of 5.37 million. The housing market stalled after federal tax credits for homebuyers expired at the end of April. Home sales have dropped off, homebuilder confidence has waned and consumer sentiment is in the dumps.
Read the original mortgage news article > Mortgage Rates for First Time Homebuyers
Tags: 30-year home mortgages
14 Jul 10 3rd Week of Record Low Mortgage Rates Drive Refinancing
For the third consecutive week mortgage interest rates fell to shatter records for the lowest rates in our era. Borrowers across the country seemed optimistic that conventional, FHA and VA home mortgage products were meeting their refinance needs. No one can say that the Federal Reserve, mortgage lenders and the government haven’t made a concerted effort in 2010 to aid the housing recovery nationwide.
Affordable Home Refinancing with Record Low Interest Rates
Most industry insiders believe that home purchase loan market will stay weak over the next few months as the housing market adjusts to the end of government incentives. According to Jerry Mlinar of Woodfield Planning, an Illinois mortgage lender said, “First time home buyers are motivated by low rates, but existing homeowners have a huge incentive to refinance because they stand to save significant money monthly immediately.” Mlinar confirmed that his company saw an increase in home refinance applications, but cautioned that guidelines for refinancing had tightened over the last few years. The lender said that the stated income and no equity mortgages are no longer available.
The average 30-year mortgage rate was little changed in the week ended July 9th, dipping to 4.49%. The mortgage rate rested just below the record low of 4.61% set in March 2009, according to the MBA’s records that date back to 1990. Fifteen-year mortgage rates dipped to 4.08% last week from the record low 4.06 % set the prior week. FHA and VA rates posted a rate reduction as well and more borrowers requested rate and term refinancing rather than cash out loans.
Tags: Illinois mortgage lender, Jerry Mlinar, no equity mortgages, VA home mortgage products, Woodfield Planning
12 Jul 10 Mortgage Rates Could Rise
As the benchmark mortgage rates were pressured higher by a modest rally in stocks, consumer borrowing costs held their ground and went into the weekend only a few basis points more expensive versus the previous Friday. As a result we are seeing the best 30-year fixed conventional mortgage rates in a range between 4.375 and 4.625% . Borrowers must qualify, meeting the lender guidelines for these low rates. Mortgage rate increases were only obvious via an uptick in “discount points” charged by lenders.
07 Jul 10 FHA Mortgage Rates Dip to New Lows
MBA reported that FHA mortgage rates dipped to record lows last week. This spurred homeowners to go online to shop mortgage refinance rates. According to a spokesman from the FHA Home Loan Company, “Many borrowers are making a last ditch effort to refinance their adjustable rate loan into a more secure fixed rate mortgage that guarantees no interest rate changes for thirty years.”
FHA mortgage rates are available at 4.75% on fixed 30-year loan terms. There is no pre-payment penalty for early pay-off and if the FHA interest rates drop, that borrowers can access the FHA streamline for rate and term refinancing. FHA mortgage programs are more appealing and more affordable than ever. Read the original article online FHA Home Loans for Refinancing and Home Buying
Tags: FHA mortgage programs
