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 [...]
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 [...]
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 [...]
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 [...]
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.
The Read more [...]
A weak jobs report for March sent long-term mortgage interest rates sliding down during the latest week, according to mortgage giant Freddie Mac, with the 30-year fixed-rate mortgage (FRM) hitting a two-month low.
The average rate on a 30-year conventional FRM fell to 3.66 percent with an average point of 0.6, during the week ended April 9, 2015, down from 3.70 percent the week before. Compared with a year ago, the rate is also down from 4.34 percent. The current rate is the lowest it has been Read more [...]
The number of mortgage applications filed this past week was little changed from the week before, according to the Mortgage Bankers Association, as a rise in refinance requests tempered a decline in home purchase applications.
The MBA’s measure of all mortgage application volume - the Market Composite Index – eked out a 0.2 percent increase during the week ended August 29, 2014. That was a result of the Refinance Index growing by one percent, but the Purchase Index falling by 2 percent.
Refinance Read more [...]
Mixed reports about the progress of the economy kept long-term mortgage interest rates from moving much in the latest week, according to mortgage finance company Freddie Mac.
The average rate on a 30-year fixed rate mortgage (FRM) slipped to 3.98 percent, excluding fees, during the week ended April 5, from 3.99 percent. The week before that rates had actually topped the 4 percent market at 4.08 percent, the first time since the week of December 1. Last year at this time, the average rate was 4.87 Read more [...]
According to an article in the New York Times, Adjustable Rate Mortgages (ARMs) are on the rise. ARMs played a big part in the housing market collapse and many are questioning their return to the market.
These particular mortgages start out with what some might refer to as a "teaser" interest rate, then later on adjust up. During the housing market boom, as many as 70 percent of homes were mortgaged with an ARM, some adjusting upwards just a few months after closing. The main problem with these Read more [...]
During the past week, interest rates on long-term mortgage loans fell, tying the record low for this year, Freddie Mac reported yesterday. The average rate on a 30-year fixed rate mortgage (FRM) dropped to 4.93 percent, excluding points down from 5.0 percent just last week. The last time the rate was at 4.93 percent was during the week of February 18, 2010, the year's lowest point. And while today's rate is low, it was even lower a year ago at this time, with 4.86 percent.
"Interest rates on fixed-rate Read more [...]