Mortgage Rates Fall to 3-Month Low

A shaky global economy is scaring investors into bonds, sending long-term mortgage interest rates to their lowest levels in three months, according to data from mortgage backer Freddie Mac. The average rate on the 30-year fixed rate mortgage (FRM) fell for the fourth straight week, slipping to 3.79 percent, excluding fees in the week ended January 28, 2015, down from 3.81 percent the previous week but still up from 3.66 percent the year before. It is now the lowest it has been since the week of Read more [...]

Mortgage Rates Follow Stock Market Down

Even though the Federal Reserve’s recent rate hike was supposed to push all interest rates higher, long-term mortgage interest rates have yet to see any impact. Foreign market concerns caused them to slump this week, mirroring the falling stock market, according to data from mortgage backer Freddie Mac. The average rate on a 30-year fixed-rate mortgage (FRM) fell to 3.92 percent, excluding fees, during the week ended January 14, 2016, down from 3.97 percent the previous week. The new rate is Read more [...]

Mortgage Rates Hit 4 Percent before New Year

Long-term mortgage interest rates moved back above 4 percent during the last week of 2015, according to data from mortgage guarantor Freddie Mac, a sign that markets are reacting to the recent Federal Reserve rate hike. The average rate on a 30-year conventional, fixed-rate mortgage (FRM) jumped to 4.01percent, excluding fees, during the week ended December 31, 2015, up from 3.96 percent the previous week and up from the same time last year when it averaged 3.87 percent. It is now at its highest Read more [...]

Millennials More Likely than Gen Xers to Be Saving, But Not For Down Payments

The country’s youngest adult generation, those aged 18 to 34, otherwise known as Millennials are more likely than both Generation Xers and Baby Boomers to be saving for short and long term financial goals, but saving a for a house is low on the priority list. The latest quarterly renters survey from mortgage giant Freddie Mac found that 92 percent of Millennials are saving for a major purchase (not necessarily a house though) and 94 percent are saving for a vacation. Those rates among Boomers Read more [...]

Interest Rates Jump on Upbeat Jobs Report

Long-term U.S. mortgage interest rates shot up in the latest week again, in response to investor optimism in the wake of a positive jobs report, according to mortgage giant Freddie Mac Thursday. During the week ended November 12, 2015, the average rate on a 30-year fixed rate mortgage (FRM) jumped to 3.98 percent, excluding fees, up from 3.87 percent last week. The new rate is a two-and-a-half week high, but it is still slightly lower than a year ago when the average rate hit 4.01 percent. The Read more [...]

Mortgage Rates Rise to 6-Week High

Long-term mortgage interest rates grew to their highest level in six weeks, according to mortgage guarantor Freddie Mac, in reaction to the Federal Reserve’s suggestion of a rate increase in December. The average rate on a 30-year fixed rate mortgage (FRM) jumped to 3.87 percent, excluding fees, during the week ended November 5, 2015, up from 3.76 percent the week before and the highest since the week of September 17. The new rate is still lower than the same time last year though when it averaged Read more [...]

Mortgage Rates Stay Low As Global Markets Falter

Long-term mortgage interest rates made little movement in the latest week, according to data from mortgage giant Freddie Mac, even though foreign markets continued to scare investors, a condition that typically pushes rate down. The average rate on a 30-year fixed-rate mortgage slipped to 3.85 percent, excluding fees, during the week ended October 1, 2015, down from 3.86 percent the previous week. Compared with the year earlier, rates were down from 4.19 percent. Fifteen-year fixed-rate mortgages Read more [...]

Existing-Home Sales, Prices Decline in August

The U.S. existing-housing market cooled off considerably in August, according to the National Association of Realtors, with the probable cause being a lack of inventory and the beginning of the traditionally slower buying season. Total existing-home sales fell 4.8 percent in August, to a seasonally adjusted annual rate of 5.31 million, down from 5.58 million in July. Compared to a year ago however, sales are still up 6.2 percent and have increased on a yearly basis for the past 11 straight months. "Sales Read more [...]

Mortgage Rates Plunge to 2-Month Low on China Concerns

As the Chinese government continued to devalue its currency and create major financial waves, long-term U.S. mortgage interest rates tumbled to their lowest level in two months, according to mortgage finance company Freddie Mac. During the week ended August 27, 2015, the average rate on a 30-year fixed rate mortgage (FRM) sank to 3.84 percent, excluding fees, down from 3.93 percent the previous week and down from 4.10 percent the year before. "Events in China generated eye-catching volatility Read more [...]

Mortgage Rates See First Increase in Four Weeks

After falling for a whole month, long-term mortgage interest rates showed some growth again in the latest week, according to data from mortgage backer Freddie Mac. The average rate on a 30-year conventional fixed rate mortgage rose to 3.94 percent, excluding fees, during the week ended August 13, 2015, up from 3.91 percent the week before. One year earlier the average rate was higher still at 4.12 percent. The rise in rates was a product of on-target jobs reports, according to Freddie Mac chief Read more [...]