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.
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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 [...]
The Federal Reserve’s interest rate-deciding body, the Federal Open Market Committee, chose this week to leave its target rate at or near zero percent, but promised to rethink the issue at its December meeting.
The federal funds rate – the rate at which banks charge each other for overnight trades – was left alone in the range of zero to 0.25 percent for the next six weeks. It has been at that rock bottom position since September of 2008 when the Fed attempted to prop up the failing economy Read more [...]
Long-term mortgage interest rates moved up in the latest week, according to mortgage guarantor Freddie Mac, but with the Fed unsure of its own rate direction for 2015 there may be fewer mortgage rate increases through the end of the year.
The average rate on a 30-year fixed rate mortgage (FRM) rose to 3.82 percent, excluding fees, during the week ended October 15, 2015, up from 3.76 percent the week before. The new rate is down compared with the previous year when it averaged 3.97 percent.
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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 [...]
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.
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The Federal Reserve decided to again leave it target interest rate unchanged today, citing the volatility in the global markets as its motive for inaction.
“To support continued progress toward maximum employment and price stability, the Committee today reaffirmed its view that the current 0 to 1/4 percent target range for the federal funds rate remains appropriate,” the Federal Open Market Committee wrote in its statement . The federal funds rate has been unchanged since December 2008, during Read more [...]
Mortgage bankers believe that 2016 will be a booming year for home sales even as they also predict mortgage interest rates will rise by the end of 2015, according to a new survey from Lenders One.
During a survey conducted at the Lenders One Summer Conference in August, 89 percent of mortgage bankers said they think interest rates will jump before the end of the year while 60 percent forecasted that 2016 will still be a sellers’ housing market.
“Mortgage bankers are generally optimistic Read more [...]
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 [...]
Even as total U.S. existing-home sales rose for third straight month, fewer first-time home buyers were able to jump into the market, according to the latest report from the National Association of Realtors.
Existing-home sales increased 2.0 percent in July to a seasonally adjusted annual rate of 5.59 million, up from a downwardly revised 5.48 million in June. Compared with last year, sales are up 10.3 percent and are now at an eight-and-a-half year high. Sales have risen on a year-over-year Read more [...]