If you were waiting for rates to go lower before purchasing a home or refinancing, it looks like you may have missed the mark. For the fourth straight week, mortgage rates moved up and are now at a six month high. 30 year fixed rates this week are averaging around 4.61%, up from last week's rate of 4.46% and 15 year fixed rates rose to 3.96% up from last week's rate of 3.81%.
Why the sudden rise? There are a few items to look at. First it appears that Obama and congress are compromising and additional Read more [...]
Even with record low interest rates the housing market is dropping. During the months of July and August housing sales dropped 27%. Last week mortgage rates, according to Freddie Mac, for the average 30 year fixed came in at 4.35% and a 15 year fixed came in at 3.83%.
Then why is the housing market so stagnant? So many economic factors play into the equation, with tougher lending standards being at the forefront. Just a few years ago it was fairly easy to obtain a home loan even if the applicant Read more [...]
US home prices on a national level took another dip in the second quarter. Even with mortgage rates near record lows, prices declined 1.6% during the second quarter according to FHFA (Federal Housing Finance Agency), which looks at homes that are financed by Fannie Mae and Freddie Mac. Zillow.com is also reporting similar statistics.
A high foreclosure rate seems to be one contributor to the decline. As more and more homes go into foreclosure, inventory across the country continues to increase. Read more [...]
Mortgage rates have been inching downward over the past few weeks and fell last week to near record lows. Thirty year fixed mortgages averaged 4.78%, the lowest rate so far in 2010. According to the Bankers Association of America, as a result of the low rate, refinance applications jumped to the highest level in the last 7 months. Applications were up 17% from the week prior.
Stock market turmoil, the European market crisis and the increase in purchases of treasury bonds leading to a drop in treasury Read more [...]
According to Freddie Mac mortgage rates are on the rise. "Mortgage rates followed bond yields higher once again this week amid signs of an improving economy," says Freddie Mac chief economist Frank Nothaft. For the second week in a row, rates climbed reaching 4.94%. Even though rates are up, they are still in a record low holding below 5% for the seventh week straight.
At the same time mortgage applications seem to be staying steady, but not from new home sales. With the rock bottom rates Read more [...]
Home buyers again saw mortgage rates rise this week alongside word that the economy is beginning to improve. According to the Wall Street Journal, rates for a 30-year home loan rose above 5 percent for the first time since September, rising to 5.03 percent. Rates for 15-year fixed rate and five and one-year adjustable rate loans also saw a rise in numbers. 15-year fixed rate mortgages climbed from 4.43 percent to 4.46 percent, while five-year adjustable rate loans rose from 4.42 percent to 4.40 percent. Read more [...]
Home prices continue to fall in the U.S. market and that is a good thing for those looking for homes. Here are five things that you should know when buying a house in today's economy:
1. Mortgage rates are low - In case you haven't been paying attention, mortgage rates are still very low which makes your payments low. In a survey on August 19, 2009 completed by the Mortgage Bankers Association, today's mortgage rates are averaging just 5.67%. Use this to your advantage along with a strategy Read more [...]
Recent comments from top Federal Reserve Officials are making it clear they are not yet worried about inflation and they certainly expect to leave their target interest rate alone for quite awhile.
Atlanta Federal Reserve President Dennis Lockhart, in a speech before the Rotary Club of Nashville, said:
"Certainly we have low interest rates today…I would expect that to continue for some time."
He was also upbeat about the coming recovery of the markets.
"The economy is stabilizing and recovery Read more [...]