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 Rates Stay Near Record Low

“We describe the last few weeks as A Tale of Two Rates,” says Sean Becketti, Freddie Mac’s chief economist. “Immediately following the Brexit vote, U.S. Treasury yields plummeted to all-time lows. This week, markets stabilized and the 10-year Treasury yield rebounded sharply. In contrast, the 30-year mortgage rate declined after the Brexit vote, but only by half as much as the 10-year Treasury yield. This pattern suggests that mortgage rates are likely to remain low throughout the summer.”

Freddie Mac reports the following national averages for the week ending July 14:

  • 30-year fixed-rate mortgages: averaged 3.42 percent, with an average 0.5 point, rising slightly from last week’s 3.41 percent. A year ago, 30-year rates averaged 4.09 percent.
  • 15-year fixed-rate mortgages: averaged 2.72 percent, with an average 0.5 point, dropping from last week’s 2.74 percent. A year ago, 15-year rates averaged 3.25 percent.

Source: Freddie Mac

30-Year Mortgage Rates Remain Below 4%

For the fifth consecutive week, the 30-year fixed-rate mortgage has averaged below 4 percent, as home buyers and refinancers rush to lock in low rates.

“Housing markets have responded positively to low mortgage rates,” says Sean Becketti, chief economist at Freddie Mac. “The latest NAHB/Wells Fargo Housing Market Index for August 2015 was 61, the highest level in more than nine years. One-unit housing starts in July 2015 jumped to 782,000 units, up 12.8 percent from June and up 19 percent from last year. Overall housing markets remain on track for the best year since 2007.”

Freddie Mac reports the following national averages for the week ending Aug. 20:

  • 30-year fixed-rate mortgages: averaged 3.93 percent, with an average 0.6 point, dropping from last week’s 3.94 percent average. Last year at this time, 30-year rates averaged 4.10 percent.
  • 15-year fixed-rate mortgages: averaged 3.15 percent, with an average 0.6 point, falling from last week’s 3.17 percent average. A year ago, 15-year rates averaged 3.23 percent.

Source: Freddie Mac

Mortgage Rates Roll Back to Yearly Low

Mortgage rates continue on a low streak this week, with the 30-year fixed-rate mortgage averaging its low for the year, 4.12 percent. It’s the same low the 30-year rate mortgage reached in May as well as during a week in July, Freddie Mac reports in its weekly mortgage market survey.

Fixed-rate mortgage started the year at 4.5 percent, and have countered many forecasters expectations so far by not rising, but instead dropping.

Freddie Mac reports the following national averages for the week ending Aug. 14:

  • 30-year fixed-rate mortgages: averaged 4.12 percent, with an average 0.6 point, dropping from last week’s 4.14 percent average. Last year at this time, 30-year rates averaged 4.40 percent.
  • 15-year fixed-rate mortgages: averaged 3.24 percent, with an average 0.6 point, falling from last week’s 3.27 percent average. A year ago, 15-year rates averaged 3.44 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 2.97 percent, with an average 0.5 point, falling from last week’s 2.98 percent average. Last year at this time, 5-year ARMs averaged 3.23 percent.

Source: Freddie Mac and “Mortgage Rates at Low for Year; 30-Year Averages 4.12%,” Los Angeles Times (Aug. 14, 2014)

Mortgage Applications Drop as Rates Edge Higher

For the second week, mortgage applications fell as higher interest rates continued to put the squeeze on refinancing activity, the Mortgage Bankers Association reports.

The MBA’s index on mortgage application activity, which includes both refinancing and home purchases, dropped 4.6 percent for the week ending Aug. 16.

The refinance index was attributed to that drop, falling 7.7 percent last week from the previous week — its largest weekly drop since late June. The refinance index has fallen 62.1 percent since reaching its peak during the week ending May 3.

Applications dropped as mortgage rates rose 12 basis points to 4.68 percent last week. That matches the year’s high for 30-year mortgage rates, which was first hit in July, according to the MBA. Mortgage rates continue to rise as concerns mount over the Fed tapering its bond-buying program, which had been keeping mortgage rates near its historical lows in recent months.

Source: “U.S. Mortgage Applications Fall as Rates Push Higher,” Reuters (Aug. 21, 2013)

Mortgage Rates Continue to Rise, ‘Fed Eases Fears’

Mortgage rates moved higher again this week as speculation continued about whether the Federal Reserve will end its future bond purchases, which have kept rates at historical lows, Freddie Mac reports in its weekly mortgage market survey. But remarks by Federal Reserve Chairman Ben Bernanke on Wednesday may indicate that the Fed won’t be ending its program immediately.

Freddie Mac reported the following national averages for the week ending July 11:

  • 30-year fixed-rate mortgages: averaged 4.51 percent, with an average 0.8 point, rising from last week’s 4.29 percent average. A year ago at this time, 30-year rates averaged 3.56 percent.
  • 15-year fixed-rate mortgages: averaged 3.53 percent, with an average 0.8 point, increasing from last week’s 3.39 percent average. Last year at this time, 15-year rates averaged 2.86 percent.
  • 5-year adjustable-rate mortgages: averaged 3.26 percent, with an average 0.7 point, up from 3.10 percent last week. Last year at this time, 5-year ARMs averaged 2.74 percent.
Source: Freddie Mac and “Bernanke: Economy still needs Fed stimulus,” The Associated Press (July 10, 2013)

Mortgage Rates Continue to “Climb Upward”

For the fifth consecutive week, mortgage rates continued to rise, as the economy showed signs of strengthening. Concerns are growing that the Federal Reserve will soon slow its bond purchase program, which has been keeping rates near record lows for months, Freddie Mac reports in its weekly mortgage market survey.

For the first time since May of last year, the 15-year fixed-rate mortgage rose above 3 percent this week. Freddie Mac reports the following national averages with mortgage rates for the week ending June 6:

  • 30-year fixed-rate mortgages averaged 3.91 percent, with an average 0.7 point, increasing from last week’s 3.81 percent average. A year ago at this time, 30-year rates averaged 3.67 percent.
  • 15-year fixed-rate mortgages averaged 3.03 percent, with an average 0.7 point, rising from last week’s 2.98 percent average. Last year at this time, 15-year rates averaged 2.94 percent.
  • 5-year adjustable-rate mortgages averaged 2.74 percent, with an average 0.5 point, rising from last week’s 2.66 percent average. Last year at this time, 5-year ARMs averaged 2.84 percent.

Source: Freddie Mac

Mortgage Rates Reverse, Head Lower This Week

Mortgage rates moved lower this week, in time for the spring home buying season, Freddie Mac reports in its weekly mortgage market survey. After rising last week, the 30-year fixed-rate mortgage reversed course and inched down. The 30-year fixed-rate mortgage — the most popular — has remained below 4 percent for a year.

“Low and stable inflation is placing downward pressure on fixed mortgage rates,” says Frank Nothaft, Freddie Mac’s chief economist.

Here’s a closer look at mortgage rate averages for the week ending March 21:

  • 30-year fixed-rate mortgages: averaged 3.54 percent, with an average 0.8 point, dropping from last week’s 3.63 percent average. A year ago at this time, the 30-year fixed-rate mortgage averaged 4.08 percent.
  • 15-year fixed-rate mortgages: averaged 2.72 percent, with an average 0.7 point, dropping from last week’s 2.79 percent average. Last year at this time, 15-year rates averaged 3.30 percent.
  • 5-year adjustable-rate mortgages: averaged 2.61 percent, with an average 0.6 point, holding the same as last week. Last year at this time, 5-year ARMs averaged 2.96 percent.

Source: Freddie Mac

Mortgage Rates “Continue to Climb”

Rates continued to “trend upwards this week amid a growing economy led in part by the recovering housing market,” says Frank Nothaft, Freddie Mac’s chief economist. 

The 30-year fixed-rate mortgage, the most popular choice among home buyers, rose above a 3.5 percent average for the first time since Sept. 13, 2012. 

Freddie Mac reports the following national averages for mortgage rates for the week ending Jan. 31:

  • 30-year fixed-rate mortgages: averaged 3.53 percent, with an average 0.7 point, rising from last week’s 3.42 percent average. A year ago at this time, 30-year rates averaged 3.87 percent. The all-time low for 30-year rates was recently set on Nov. 21, 2012, averaging 3.31 percent. 
  • 15-year fixed-rate mortgages: averaged 2.81 percent, with an average 0.7 point, rising from last week’s 2.71 percent average. Last year at this time, 15-year rates averaged 3.14 percent. 
  • 5-year adjustable-rate mortgages: averaged 2.70 percent, with an average 0.6 point, rising from last week’s 2.67 percent average. Last year at this time, 5-year ARMs averaged 2.80 percent. 

Source: Freddie Mac