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- MortgageRefinance.com
5/1/2013 11:55:33 PM
Home Mortgage Applications rose last week driven by high demand for mortgage refinance as interest rates dropped, industry data showed on Wednesday.
The Mortgage Bankers Association (MBA) reported its seasonally adjusted index of mortgage application activity, which includes both refinancing and home buying demand, increased 1.8 percent in the week ending April 26. Read more
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- MortgageRefinance.com
12/26/2012 10:04:10 PM
Mortgage refinance rates turned in mixed result based on amidst various reports on inflation and housing construction, based on figures released by Freddie Mac. The benchmark 30-year fixed rate product rose to a six week high at 3.37% compared to a rate of 3.32 percent a week ago and a year-over-year rate of 3.91 percent. Overall, the 3.37 percent rate still calculates lower than the average rate of 3.5 percent, which covers the past 13 weeks.
The 15-year fixed rate decreased from 2.66 percent to 2.65 percent the prior week. The rate for hybrid adjustable-rate-mortgage (ARMs) was 2.71 percent for the five-year ARM-- up from 2.7 percent. The one-year ARM dropped to 2.52 percent, down from 2.53 percent the previous week. Read more
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- MortgageRefinance.com
9/30/2012 11:24:23 PM
The 30-year fixed-rate mortgage continues become more enticing to borrowers seeking a mortgage refinance. It fell to an average rate of 3.40% from 3.49%, as reported by Freddie Mac. The 15-year fixed- rate mortgage dropped from an average rate of 2.77% registered last week to a record low of 2.73%.
Homeowners looking to refinance their mortgage and potential homebuyers have reaped immediate benefits from the Federal Reserve latest monetary policy initiative.
According to Keith Gumbinger, vice president of the mortgage data and analysis firm HSH.com, "This is what the Fed wanted to see. So far, so good." Gumbinger anticipates rates falling another 0.1% in the near future once the policy goes into full force.
Record low interest rates have been one of the keys to the “improving housing market," said Frank Nothaft the chief economist at mortgage insurer Freddie Mac. Refinancing from higher interest rate mortgages to low interest rate loans reduce monthly mortgage payments puts more disposable income in the hands of homeowners. It also enables potential homebuyers to purchase higher priced homes. Read more
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- MortgageRefinance.com
9/23/2012 10:31:13 PM
The 30-year fixed-rate mortgage returned to the historic low established in mid-July of 3.49% compared to 3.55% the prior week. The increasingly popular 15-year fixed- rate mortgage fell to a new low of 2.77%, a decline from 2.85% the previous week.
Bolstered by the Federal Reserve‘s decision to buy an additional $40 billion per month in mortgage-backed securities (MBSs), interest mortgage refinances and home purchases should remain low for the immediate term. Read more
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- MortgageRefinance.com
9/7/2012 1:31:27 PM
Based on information released on Thursday, Federal Reserve Board Chairman Ben Bernanke joined in with millions of homeowners to save money last year. He refinanced the mortgage on his Washington, D.C. home. Bernanke’s financial disclosure documents revealed he refinanced into a 30-year fixed-rate mortgage at an interest rate of 4.25%. In 2011, the average interest rate for a 30-year mortgage was 4.45%.
In early July, the same product fell to its lowest level since it was introduced in the 50s – 3.49%. Like others, Chairman Bernanke has simply taken advantage of the Federal Reserve monetary stimulus policies, which have kept interest rates at ultra-low levels for the last few years. Read more
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- MortgageRefinance.com
8/22/2012 11:03:32 PM
For several weeks, mortgage rates either equal or set new lows. However, in the last few weeks, interest rates have started to climb. Nevertheless, it is still too early to determine if the trend will continue for the immediate future. For the week ending July 26 2012, Freddie Mac’s survey reported an average interest of 3.49% rate for a 30-year fixed-rate mortgages conforming loan.
For the week ending August 16, Freddie reported an average interest rate of 3.62% for the same product. Conforming loans are mortgages that are equal or less than the limit set by Freddie Mac and Fannie Mae. The conforming loan limit ranges from $417,000 for a one-unit property to $801,950 for a four-unit dwelling. Read more
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- MortgageRefinance.com
7/16/2012 2:23:09 AM
The average interest rate on home mortgages continued to fall to record lows. The rate for a 30-year fixed-rate mortgage declined to 3.56 percent compared to 3.62 percent the prior week. This represents the lowest level for mortgage interest rate since the introduction of the product over 60 years ago. Mortgage rates have declined or matched historic lows for 11 of the last 12 weeks.
The 15-year fixed-rate mortgage, which increasingly more borrowers prefer to refinance their homes or build home equity faster, fell to 2.86 percent down from 2.89 percent last week. Read more
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- MortgageRefinance.com
7/10/2012 2:18:42 AM
According to the latest Freddie Mac survey, mortgage rates continue on a downward track unimaginable several months ago. The 30-year-fixed rate mortgage decreased to 3.62 percent from 3.66 percent the prior week. For 10 out of the last 11 weeks, interest rates have declined to equal or hit record lows. The 15-year fixed-rate mortgage product dropped to an average of 2.89 percent from 2.94 percent the previous week.
Frank Nothaft, the chief economist for Freddie Mac states that reports of a decline in consumer spending and a drop in manufacturing production push interest rates down on the 10-year U.S. Treasury note. The low interest rates represent good news for potential homebuyers and individuals refinancing their mortgages, but do not fare so well for the general economy. Read more
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- MortgageRefinance.com
6/1/2012 2:00:58 AM
The 30-year fixed rate mortgage, which represents the most preferred loan for homebuyers and homeowners looking to mortgage refinance, continues to register record lows. According to the Mortgage Bankers Association (MBA), the average 30-year rate declined 0.03 percent, to 3.75 percent, for the week ending May 25, 2012. The 30-year mortgage has recorded a declined for five consecutive weeks. The 15-year mortgage rate tumbled below 3.0 percent for the first time in the history of the Freddie Mac mortgage survey. Read more
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- MortgageRefinance.com
5/16/2012 2:09:18 PM
Freddie Mac released its Quarterly Product Transition Report for the first three months of 2012. U.S. homeowners who mortgage refinance overwhelmingly chose fixed-rate mortgages over other loan products. Over 95 percent of borrowers prefer fixed rate mortgages whether they had adjustable-rate mortgages (ARMs) or fixed rate loans originally.
The percentage of borrowers who refinance to fixed-rate loans remain at the same share as reported Q1 last year.
The report reviewed mortgage refinance applications submitted to Freddie Mac during the first quarter of 2012. Following are some of the metrics revealed in the Freddie Mac survey: Read more
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- MortgageRefinance.com
5/9/2012 12:53:02 PM
In many regions of the country, it seems all the indicators point to home prices starting to stabilize. Many housing market economists believe that homes prices have reached the bottom in most regions of the country. Homes prices have dropped an average of 34 percent since July 2006. In addition, homebuyers can obtain interest rates for home mortgages and mortgage refinance at extraordinary low rates. Many housing analysts have signaled that 2012 may present the best opportunity for homebuyers to purchase the home they want at cheap prices. Read more
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- MortgageRefinance.com
5/7/2012 12:57:03 AM
The Mortgage Bankers Association report that mortgage applications rose over the previous week by 0.1 percent. More borrowers showed a willingness to take than the week ending April 27, 2012. The volume of mortgage refinance requests declined 0.7 percent from the prior week. Refinancing application dropped to 72.6 of mortgage activates as compared to 73.4 percent. Consumer loan and mortgage information statistics from MortgageRefinance.com reports the nationwide average for a 30-year fixed rate mortgage at 3.97 percent.
The average 15-year mortgage rate was 3.04%, down from the record of 3.11% set four weeks ago. Read more
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- MortgageRefinance.com
3/23/2012 4:44:24 PM
For several weeks, mortgage rates have hovered near record low. However, the most recent Freddie Mac survey shows that the 30-year fixed rate mortgage has climbed from 3.92% to 4.08%, its highest level since late October 2011. Since the beginning of 2012, the 30-year fixed rate mortgage has gone back and forth within a very narrow range – 3.87% and 3.98%.
In addition, the 15 year fixed rate mortgage climbed to an average of 3.16% in the past week to 3.30%. Mortgage rates follow the yield on the team year Treasury note. An onslaught of good economic news in recent weeks has motivated investors to move out of the safety of long-term U.S. Treasury into equities. This dynamic has pushed the yield on treasury bonds higher. Read more
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- MortgageRefinance.com
3/9/2012 1:34:01 PM
Once again, mortgage rates have declined into the all-time record low territory. The benchmark 30- year fixed-rate for mortgage refinance declined to 3.88%, which is only 0.01 percentage point off the previous record reached in January. The 15-year fixed-rate mortgage is also at its lowest point in six decades, with an average rate of 3.13%. This is just one basis point off the all-time low of 3.14% reached last month. Read more
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- MortgageRefinance.com
2/27/2012 2:55:59 PM
After nearly a month at a record low, 30-year fixed mortgage rates inched upward as signs of a rebounding housing market dominate the news.
While the rise was slight, the increase is being taken as an indication that the housing market may be on an upward swing. Freddie Mac reports that the 30-year fixed loan rate increased from 3.87% last week to 3.95%. Rates on the 15-year fixed loan only eked upward from 3.16% last week to 3.19% today.
Fueling the positive attitude toward the housing market is a report that the percentage of borrowers who are delinquent in their loans is decreasing and that new home construction is showing signs of life. Read more
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