Mortgage Rates Tumble Making Way for More Home Sales

After rising the week before, long-term mortgage rates fell in the latest week on mixed economic data, a move that helped push applications for purchase mortgages higher. The average interest rate on a 30-year fixed rate mortgage sank to 4.34 percent, excluding fees, according to mortgage backer Freddie Mac, a three-week low, down from 4.41 percent the previous week. While still very historically low, rates have moved up considerably from a year ago when they averaged 3.43 percent. The drop Read more [...]

Low Rates Give Homeowners One Last Chance to Refinance

After the Federal Reserve announced it would start tapering its mortgage stimulus program beginning this year, most analysts believed that meant long-term interest rates would start rising, signally the end of attractive refinancing options. Yet according to Freddie Mac’s latest U.S. Economic and Housing Market Outlook, less-than-stellar job market performance has dampened the mood of investors, helping to keep interest rates low and granting homeowners another chance to refinance into less expensive Read more [...]

Rising Rates Cause MBA to Lower 2014 Mortgage Forecast

Although the housing market has been making a steady recovery over the past year, the Mortgage Bankers Association is now backtracking on overly optimistic home loan forecast for 2014. After initially predicting that mortgage originations would rise to $1.69 trillion this year, the revised forecast calls for a only $1.12 trillion, a decrease of $57 billion. “Despite an economic outlook of steady growth and a recovering job market, mortgage applications have been decreasing – likely due Read more [...]

Mortgage Rates Reach 4-Month High

Long-term mortgage interest rates started the new year higher, according to mortgage guarantor Freddie Mac, as investor confidence grew on indications of a healthier economy Read more [...]

Lenders Make Homeownership More Attainable

We are finally starting to see some of the first verifiable signs of looser lending standards in the mortgage market since the housing collapse. That’s good news for those who have been scrimping and saving to get into a home of their own. As mortgage lenders saw their refinance traffic slow dramatically after this summer’s spike in interest rates, many tried to drum up extra business on the purchase side, by lower credit score requirements and down payment thresholds. Mortgage data tracker Read more [...]

Is The Time Right Again for a Refinance?

Now that the rock-bottom mortgage interest rates from the Great Recession are likely gone for good, refinance requests have tapered off dramatically. Is there still room in the market for refinance loans? Absolutely. The latest Freddie Mac refinance report predicted that although refinance activity will likely continue to decline over the next few years, they will still make up a substantial percentage of all mortgage activity. “We estimate that refinances will make up approximately two -thirds Read more [...]

Interest Rates Knocked Back Down As Demand Dips

After making their largest leap in 26 years the week before, long-term mortgage interest rates retreated last week as mortgage demand dampened. The average interest rate on a 30-year fixed-rate, conventional mortgage fell to 4.29 percent, excluding points during the week ended July 3, according to Freddie Mac, from 4.46 percent the previous week. The rate was still up significantly from a year ago when it averaged 3.62 percent. The 15-year fixed rate mortgage also took a rate hit, with the Read more [...]

Mortgage Rates Are Rising – How Much Does It Matter?

Interest rates on long-term mortgage loans have jumped dramatically in the past couple months, as the Federal Reserve has hinted that it will ease up on its rate-dampening actions sooner than later. The average rate on a 30-year fixed rate mortgage rose to 3.98 percent last week, according to mortgage giant Freddie Mac, up from a recent low of 3.35 percent during the week of May 2, just seven weeks before. The jump in rates has pushed many reluctant buyers and refinancers to get into the market Read more [...]

Three Ways to Minimize Refinance Costs

With interest rates around historic lows, you couldn't find a better time to refinance. Being able to lock in a rate below four percent was previously unheard of and the opportunity isn't likely to stick around for too much longer. In fact, Freddie Mac reported this week that the average commitment rate on a 30-year fixed rate mortgage rose about a half point this month and is now higher than its been in over a year. And rates are forecasted to keep gradually rising through the rest of the year. Read more [...]

4 Ways to Take Advantage of Today’s Mortgage Rates Before They’re Gone

Interest rates on long-term U.S. mortgage loans have been near all-time record lows for a few years now, but they are predicted to start rising during the second half of 2013. That makes now a crucial period for potential and current homeowners to take advantage of the savings to be had from historically rock-bottom rates. Here's how: Beef Up Your Credit Even though rates are uber-low, mortgage lending standards are still sky high. That means decent credit scores are a must. If yours is in Read more [...]