Home Loan Interest Rates are Barely Moving?

Mortgage rates were mostly in a holding pattern last week, which may have been welcome news to borrowers after the previous week’s uptick.

Freddie Mac reports the following national averages for the week ending May 4:

  • 30-year fixed-rate mortgages averaged 4.02 percent, with an average 0.5 point, falling slightly from last week’s 4.03 percent average. Last year at this time, 30-year rates averaged 3.61 percent.
  • 15-year fixed-rate mortgages averaged 3.27 percent, with an average 0.5 point, the same average as last week. A year ago, 15-year rates averaged 2.86 percent, ARMs averaged 2.80 percent.

Source: Freddie Mac

Mortgage Rates Set New High for the Year

Fixed-rate mortgages reversed course this week and rose toward the highest level this year, amid ongoing volatility in the bond markets, Freddie Mac reports survey.

The average rate on the 30-year fixed-rate mortgage increased five basis points this week, averaging 4.09 percent, the highest level since October of last year.

Freddie Mac reports the following national averages for the week ending July 16:

  • 30-year fixed-rate mortgages: averaged 4.09 percent, with an average 0.6 point, rising form last week’s 4.04 percent average. Last year at this time, 30-year rates averaged 4.13 percent.
  • 15-year fixed-rate mortgages: averaged 3.25 percent, with an average 0.6 point, increasing from last week’s 3.20 percent average. A year ago, 15-year rates averaged 3.23 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 2.96 percent, with an average 0.5 point, increasing from last week’s 2.93 percent average. Last year at this time, 5-year ARMs averaged 2.97 percent.

Source: Freddie Mac

Improving Economy Helps Buoy Housing

Recent drops in oil prices and mortgage rates, along with positive tailwinds in the economy, are helping to jump-start the housing market in the new year, according to Freddie Mac’s newly released2015 U.S. Economic and Housing Market Outlook for January. Consumers are gaining confidence, which is expected to translate to higher home sales in the coming months. Some economists are skeptical on whether this latest jolt will stick around for the entire year, however.

Freddie Mac economists note that mortgage rates continue to remain well below expectations, and they predict that mortgage rates will remain low at the beginning of 2015, staying around 4 percent for the first two quarters of the year at least. Last week, mortgage rates dipped to a 20-month low with the 30-year fixed-rate mortgage rate plunging to a 3.66 percent national average and the 15-year fixed-rate mortgage dropping to 2.98 percent.

“We … expect these low mortgage rates to help the growing purchase market continue to expand and reach the highest levels we’ve seen since 2007,” the economists note.

But rates likely will move up by the end of the year. Lawrence Yun, chief economist for the National Association of REALTORS®, says that the 30-year fixed-rate mortgage could average around 5 percent – or higher – by the end of this year.

“I would not be surprised if it is above 5 percent because when mortgage rates move or interest rates move, it is generally not in a slow creep,” Yun told Bankrate.com.

Source: “January U.S. Economic & Housing Market Outlook,” Freddie Mac (January 2015) and “Housing Market’s ‘Interesting Times,’” Bankrate.com (Jan. 19, 2015)

Mortgage Rates Push Back Above 4%

For the second consecutive week, average fixed-rate mortgages inched higher, taking the 30-year fixed-rate mortgage back above 4 percent for the first time in three weeks, Freddie Mac reports in its weekly mortgage market survey.

Freddie Mac reports the national averages for the week ending Nov. 6:

  • 30-year fixed-rate mortgages: averaged 4.02 percent, with an average 0.5 point, rising from last week’s 3.98 percent average. Last year at this time, 30-year rates averaged 4.16 percent.
  • 15-year fixed-rate mortgages: averaged 3.21 percent, with an average 0.5 point, rising from last week’s 3.13 percent average. A year ago, 15-year rates averaged 3.27 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 2.97 percent, with an average 0.5 point, increasing from last week’s 2.94 percent average. Last year at this time, 5-year ARMs averaged 2.96 percent.

Source: Freddie Mac

Mortgage Rates Dip Below 4% Threshold

Borrowing costs sank to the lowest amounts in more than a year as the 30-year-fixed rate mortgage averaged 3.97 percent this week, Freddie Mac reports in its weekly mortgage market survey. The 30-year fixed-rate mortgage is at its lowest average since the week of June 20, 2013, when it averaged 3.93 percent.

“Mortgage rates were down sharply following the decline in the 10-year Treasury yield for the second straight week,” says Frank Nothaft, Freddie Mac’s chief economist.

Freddie Mac reports the following national averages for the week ending Oct. 16:

  • 30-year fixed-rate mortgages: averaged 3.97 percent, with an average 0.5 point, posting a big drop from last week’s 4.12 percent. A year ago, 30-year rates averaged 4.28 percent.
  • 15-year fixed-rate mortgages: averaged 3.18 percent, with an average 0.5 point, dropping from last week’s 3.30 percent average. Last year at this time, 15-year rates averaged 3.33 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 2.92 percent, with an average 0.5 point, dropping from last week’s 3.05 percent average. A year ago, 5-year ARMs averaged 3.07 percent.

Source: Freddie Mac

30-Year Mortgage Rate Sinks to 4.19% This Week

Mortgage rates are falling, despite the cuts to the Federal Reserve’s monthly bond purchases that were expected to send long-term rates higher.  The 30-year fixed-rate mortgage, the most popular choice among home buyers, averaged 4.19 percent this week, down from a 4.53 percent average at the start of the year, Freddie Mac reports in its weekly mortgage market survey.

Freddie Mac reports the following national averages for the week ending Oct. 2:

  • 30-year fixed-rate mortgages: averaged 4.19 percent, with an average 0.4 point, dropping from last week’s 4.20 percent average. Last year at this time, 30-year rates averaged 4.22 percent.
  • 15-year fixed-rate mortgages: averaged 3.36 percent, with an average 0.5 point, holding the same average as last week. A year ago, 15-year rates averaged 3.29 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 3.06 percent, with an average 0.5 point, dropping from last week’s 3.08 percent average. Last year at this time, 5-year ARMs averaged 3.05 percent.

Source: Freddie Mac (Oct. 2, 2014)

Mortgage Rates Higher Amid Budget Crisis

“Recent confidence measures depict some of the effects of the government shutdown and uncertainty of the budget impasse,” says Frank Nothaft, Freddie Mac’s chief economist. “However, despite these downturns in confidence, mortgage applications rose for the second consecutive week as of October 11th, elevated by increases in applications for refinancing.”

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

  • 30-year fixed-rate mortgages: averaged 4.28 percent, with an average 0.7 point, rising from last week’s 4.23 percent average. Last year at this time, 30-year rates averaged 3.37 percent.
  • 15-year fixed-rate mortgages: averaged 3.33 percent, with an average 0.7 point, rising from last week’s 3.31 percent average. Last year at this time, 15-year rates averaged 2.66 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 3.07 percent, with an average 0.4 point, rising from last week’s 3.05 percent average. A year ago, 5-year ARMs averaged 2.75 percent.
  • 1-year ARMs: averaged 2.63 percent, with an average 0.4 point, dropping from last week’s 2.64 percent average. Last year at this time, 1-year ARMs averaged 2.60 percent.

Source: Freddie Mac

Strengthening Economy Lifts Mortgage Rates

The economy is showing several signs of strengthening, including signs from the housing market. Reports this week noted that the real GDP showed 2.5 percent growth in the second quarter while residential construction spending rose for the ninth consecutive month in July, notes Frank Nothaft, Freddie Mac’s chief economist.

Freddie Mac reports the following national averages for the week ending Sept. 5:

  • 30-year fixed-rate mortgages: averaged 4.57 percent, with an average 0.7 point, rising from last week’s 4.51 percent average. Last year at this time, 30-year rates averaged 3.55 percent.
  • 15-year fixed-rate mortgages: averaged 3.59 percent, with an average 0.7 point, rising from last week’s 3.54 percent average. Last year at this time, 15-year rates averaged 2.86 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 3.28 percent, with an average 0.5 point, rising from last week’s 3.24 percent average. Last year at this time, 5-year ARMs averaged 2.75 percent.

Source: Freddie Mac

Mortgage Rates “Slightly Lower This Week”

“Fixed mortgage rates fell as Federal Reserve Chairman Bernanke helped ease market concerns about the Fed reducing its bond purchases,” says Frank Nothaft, vice president and chief economist, Freddie Mac.

Freddie Mac reported these national averages for the week ending July 18:

  • 30-year fixed-rate mortgages: averaged 4.37 percent, with an average 0.7 point, dropping from last week’s 4.51 percent average. A year ago, 30-year rates averaged 3.53 percent.
  • 15-year fixed-rate mortgages: averaged 3.41 percent, with an average 0.7 point, dropping from last week’s 3.53 percent average. Last year at this time, 15-year rates averaged 2.83 percent.
  • 5-year adjustable-rate mortgages: averaged 3.17 percent, with an average 0.6 point, dropping from last week’s 3.26 percent average. Last year at this time, 5-year ARMs averaged 2.69 percent.
Source: Freddie Mac

Mortgage Rates Hold at “Record Lows”

We would like to share this weekly update! Rates ticked up slightly this week, but still hovered around record lows compared to historical standards, Freddie Mac reports in its weekly mortgage market survey. Hope this may be of interest to you or a friend.

“A strong January employment report added upward pressure to most mortgage rates this week,” Frank Nothaft, Freddie Mac’s chief economist, said. The unemployment rate dropped to 8.3 percent as the economy gained 243,000 jobs last month, the largest gain since April 2011. 

Here’s a closer look at rates for the week ending Feb. 9: 

  • 30-year fixed-rate mortgages: averaged 3.87 percent, with an average 0.8 points. A year ago at this time, 30-year rates averaged 5.05 percent. 
  • 15-year fixed-rate mortgages: averaged 3.16 percent, with an average 0.7 point, rising slightly from last week’s record low of 3.14 percent. But 15-year rates were still far below what they averaged a year ago at this time — 4.29 percent.
  • 5-year adjustable-rate mortgages: averaged 2.83 percent, with an average 0.7 point, rising from last week’s 2.80 percent average. Last year at this time, 5-year ARMs averaged 3.92 percent. 

Source: Freddie Mac other news at: www.BudZeller.com or zteam4u@gmail.com