Mortgage Rates Strike New 2017 Low

For the third consecutive week, the 30-year fixed-rate mortgage averaged a new year-to-date low.

Freddie Mac reports the following national averages for the week ending Sept. 7:

’30-year’ fixed-rate mortgages: averaged 3.78 percent, with an average 0.5 point, falling from last week’s previous yearly low of 3.82 percent. Last year at this time, 30-year rates averaged 3.44 percent.
’15-year’ fixed-rate mortgages: averaged 3.08 percent, with an average 0.5 point, falling from last week’s 3.12 percent average. A year ago, 15-year rates averaged 2.76 percent.
‘5-year’ hybrid adjustable-rate mortgages: averaged 3.15 percent, with an average 0.4 point, rising from last week’s 3.14 percent average. A year ago, 5-year ARMs averaged 2.81 percent.

Source: Freddie Mac

Mortgage Rates Stuck in Holding Pattern

The 30-year fixed-rate mortgage continues to hover around 4 percent for the fourth week.

Freddie Mac reports the following national averages for the week ending May 11:

  • 30-year fixed-rate mortgages: averaged 4.05 percent, with an average 0.5 point, rising from last week’s 4.02 percent average. Last year at this time, 30-year rates averaged 3.57 percent.
  • 15-year fixed-rate mortgages: averaged 3.29 percent, with an average 0.5 point, rising from last week’s 3.27 percent. A year ago, 15-year rates averaged 2.81 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 3.14 percent, with an average 0.5 point, rising from last week’s 3.13 percent average. Last year at this time, 5-year ARMs averaged 2.78 percent.

Source: Freddie Mac

Mortgage Rates Set a New 2017 Low This Week

The 30-year fixed-rate mortgage continues to drop this week, setting a new low for 2017, Freddie Mac reports in its weekly mortgage market survey. For the fourth consecutive week rates have fallen.

Freddie Mac reports the following national averages for the week ending April 13, 2017:

  • 30-year fixed-rate mortgages averaged 4.08 percent, with an average 0.5 point, falling from last week’s 4.10 percent average. A year ago, 30-year rates averaged 3.58 percent.
  • 15-year fixed-rate mortgages averaged 3.34 percent, with an average 0.5 point, falling slightly from last week’s 3.36 percent average. Last year at this time, 15-year rates averaged 2.86 percent.
  • 5-year hybrid adjustable-rate mortgages averaged 3.18 percent, with an average 0.4 point, falling from last week’s 3.19 percent average. A year ago, 5-year ARMs averaged 2.84 percent.

Source: Freddie Mac

ARMs Rise in Popularity as Rates Increase

More borrowers are turning to shorter-term adjustable-rate mortgages as interest rates rise, but that may be a riskier move than your clients realize. While these mortgages offer lower interest rates, the rates reset after a certain preset time. Still, a five-year hybrid adjustable-rate mortgage averaged a 3.28 percent rate last week compared to 4.30 for the 30-year fixed-rate mortgage, according to Freddie Mac’s weekly mortgage market survey.

The share of ARMs in total mortgage application volume has doubled to 9 percent since November 2016. The highest level of ARM applications since October 2014. “Home buyers in a strong housing market are looking for ways to extend their purchasing power, and ARMs are one way to do that,” says Mike Fratantoni, chief economist for the Mortgage Bankers Association. “While the ARM share got as high as 35 percent pre-crisis, it is really unlikely it will get nearly as high now, given [new] regulations, which effectively prohibit many types of ARMs that were prevalent then.”

Source: “Mortgage Applications Fall 2.7%, as Borrowers Turn to Riskier Loans,” CNBC (March 22, 2017)

Home Loan Rates Move Even Lower This Week

Fixed-rate mortgages dropped slightly this week compared to the previous week, and continue to hover near all-time lows.

Freddie Mac reports the following national averages for the week ending Aug. 18:

  • 30-year fixed-rate mortgages: averaged 3.43 percent, with an average 0.5 point, dropping from last week’s 3.45 percent average. Last year at this time, 30-year rates averaged 3.93 percent.
  • 15-year fixed-rate mortgages: averaged 2.74 percent, with an average 0.5 point, dropping from last week’s 2.76 percent average. A year ago, 15-year rates averaged 3.15 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 2.76 percent, with an average 0.4 point, rising from last week’s 2.74 percent average. A year ago, 5-year ARMs averaged 2.94 percent.

Source: Freddie Mac

Home Loan Rates Hold Steady This Week

Average fixed-rate mortgages remained near historic lows this week, keeping financing costs lower for home shoppers and home owners looking to refinance.

Freddie Mac reports the following national averages for the week ending Aug. 11:

  • 30-year fixed-rate mortgages: averaged 3.45 percent, with an average 0.5 point, rising from last week’s 3.43 percent average. Last year at this time, 30-year rates averaged 3.94 percent.
  • 15-year fixed-rate mortgages: averaged 2.76 percent, with an average 0.5 point, increasing from last week’s 2.74 percent average. A year ago, 15-year rates averaged 3.17 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 2.74 percent, with an average 0.5 point, increasing from last week’s 2.73 percent average. A year ago, 5-year ARMs averaged 2.93 percent.

Source: Freddie Mac

Home Loan ‘Interest Rates’ Edge Higher Again

Mortgage rates inched higher for the third consecutive week, but potential home buyers shouldn’t sweat it too much. Mortgage rates are still hovering below levels from a year ago.

Freddie Mac reports the following national averages for the week ending March 17:

  • 30-year fixed-rate mortgages: averaged 3.73 percent, with an average 0.5 point, rising from last week’s 3.68 percent average. Last year at this time, 30-year rates averaged 3.78 percent.
  • 15-year fixed-rate mortgages: averaged 2.99 percent, with an average 0.4 point, increasing from last week’s 2.96 percent average. A year ago, 15-year rates averaged 3.06 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 2.93 percent, with an average 0.5 point, increasing from last week’s 2.92 percent average. A year ago, 5-year ARMs averaged 2.97 percent.

Source: Freddie Mac

Mortgage Rates Still Below 4%, For Now

For the third consecutive week, the 30-year fixed-rate mortgage dropped, offering home buyers a chance to lock in lower mortgage rates ahead of the Federal Reserve’s largely predicted move to raise federal funds rate later this month.

Freddie Mac reports the following averages for the week ending Dec. 3:

  • 30-year fixed-rate mortgages: averaged 3.93 percent, with an average 0.6 point, dropping from last week’s 3.95 percent average. Last year at this time, 30-year rates averaged 3.89 percent.
  • 15-year fixed-rate mortgages: averaged 3.16 percent, with an average 0.5 point, falling from last week’s 3.18 percent average. A year ago, 15-year rates averaged 3.10 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 2.99 percent, with an average 0.5 point, falling from last week’s 3.01 percent average. A year ago, 5-year ARMs averaged 2.94 percent.  

Source: Freddie Mac

Mortgage Rates Sink Lower This Week

Averages on fixed-rate mortgages dropped lower this week, continuing to provide a benefit to home buyers and refinancers, Freddie Mac reports.

Freddie Mac reports the following national averages for the week ending Oct. 22:

  • 30-year fixed-rate mortgages: averaged 3.79 percent, with an average 0.6 point, dropping from last week’s 3.82 percent average. Last year at this time, 30-year rates averaged 3.92 percent.
  • 15-year fixed-rate mortgages: averaged 2.98 percent, with an average 0.5 point, falling from a 3.03 percent average. A year ago, 15-year rates averaged 3.08 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 2.89 percent, with an average 0.4 point, rising from last week’s 2.88 percent average. A year ago, 5-year ARMs averaged 2.91 percent.

Source: Freddie Mac

Home Loan ‘Interest Rates’ Stay Below 4%

Average fixed mortgage rates mostly stayed calm this week, ahead of the Federal Reserve’s vote on an interest-rate hike for the first time in more than nine years, Freddie Mac reports in its weekly mortgage market survey.

“The Treasury market was relatively quiet this week, and as a result the 30-year mortgage rate barely budged,” says Sean Becketti, Freddie Mac’s chief economist. “Low mortgage rates help to support housing markets, which continue to bring good news.”

Freddie Mac reports the following national averages for the week ending Sept. 17:

  • 30-year fixed-rate mortgages: averaged 3.91 percent, with an average 0.6 point, rising from last week’s 3.90 percent average. A year ago, 30-year rates averaged 4.23 percent.
  • 15-year fixed-rate mortgages: averaged 3.11 percent, with an average 0.6 point, inching up slightly from last week’s 3.10 percent average. Last year at this time, 15-year rates averaged 3.37 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 2.92 percent, with an average 0.5 point, increasing from last week’s 2.91 percent average. A year ago, 5-year ARMs averaged 3.06 percent.

Source: Freddie Mac