Mortgage Applications Plummet Following Fed Rate Hike

The Federal Reserve’s December interest rate increase had a dramatic effect on mortgage applications, according to new data from the Mortgage Bankers Association, with refinance requests falling significantly. "Refinance application volume increased for three weeks in a row in early December ahead of the Fed's announcement that it was raising the federal funds rate," said Lynn Fisher, the association's vice president of research and economics. "During the two weeks following their announcement, Read more [...]

Mortgage Rates Top 9-Month High

As the unemployment rate has declined and the housing market has shown solid growth, long-term mortgage interest rates have made a steady climb, reaching an almost 9-month high in the latest week, according to data from mortgage guarantor Freddie Mac. In its Primary Mortgage Market Survey, Freddie Mac found that the average rate on a 30-year fixed rate mortgage (FRM) jumped to 4.08 percent, excluding fees, during the week ended July2, 2015, up from 4.02 percent week before. That is the highest Read more [...]

Mortgage Rates Spike To 8-Month High

Long-term mortgage interest rates soared to new 2015 all-time highs in the latest week, according to mortgage guarantor Freddie Mac , as investors took on more risk in the wake of positive employment data. The average rate on a 30-year fixed rate mortgage (FRM) jumped to 4.04 percent, excluding fees, during the week ended June 11, 2015, up from 3.87 percent the week before. This is the first time the 30-year rate has averaged over 4 percent in over eight months, since the week of November 13, Read more [...]

Mortgage Rates Continue Downward Plunge

Long-term mortgage interest rates careened downhill again in the latest week, according to mortgage giant Freddie Mac, the result of a handful of anemic domestic financial reports. The average rate on a 30-year fixed rate conventional mortgage fell to 3.59 percent, excluding fees, during the week ended February 5, 2015, down from 3.66 percent the previous week. The new rate is down from 4.32 percent one year. Average rates have now tied the 20-month low of 3.59 percent during the week of May Read more [...]

Mortgage Rates End July Where They Started

The average rate on long-term U.S. mortgage loans at the end of July fell back to its original level from the beginning of the month, according to mortgage finance giant Freddie Mac, but rates could start to pick up next week. The 30-year conventional fixed-rate mortgage carried an average rate of 4.12 percent, excluding points, during the week ended July 31, down slightly from 4.13 percent the previous week. The rates is lower than last year’s 4.39 percent. Rates made little movement overall Read more [...]

Mortgage Rates Take a Dive

Fresh uncertainty about the economy investors to buy up more bonds, pushing long-term mortgage interest rates lower this week, according to new data from Freddie Mac. The average rate on a 30-year fixed rate mortgage plunged to a seven-week low of 4.41 percent, excluding fees, during the week ended January 16, down from 4.51 percent the week before. The current rate is still much higher than a year ago when it was near record lows at 3.38 percent. The 15-year fixed rate mortgage also dropped Read more [...]

Home Sales Slipped in September

Sales and prices of existing U.S. homes fell in September from August, according to the National Association of Realtors, but both continued to rise on a yearly basis. Existing-home sales slumped 1.9 percent last month to seasonally adjusted annual rate of 5.29 million, down from 5.39 million in August, but rose 10.7 percent from September 2012’s pace. Sales have now increased on a year-over-year basis for 27 consecutive months. Meanwhile, the median price for an existing-home dropped to Read more [...]

Mortgage Rates Move Back to Record Low Territory

Interest rates on long-term mortgage loans fell back to record lows in the latest week, according to mortgage finance company Freddie Mac. During the week ended January 5, the average rate on a 30-year fixed rate mortgage (FRM) dropped back down to 3.91 percent, excluding points, tying the previous all-time low from two weeks ago. This is the fifth straight week of 30-year FRM rates below 4 percent. Mortgage loans with a term of 15years carried an average rate of 3.24 percent, only slightly Read more [...]