Current Mortgage Rates
August 4, 2011 by staff
The 30-year fixed rate, usually the most popular choice for home buyers fell to 4.45% from 4.57% last week – its lowest point since November last year, according to Bankers Association Mortgage.
Print Moreover, the rate of the less popular 15-year fixed fell to a record high of 3.52% against 3.67% a week earlier.
Lenders charge points ahead also fell, to 0.78 from 1.14 for loans 20% down, according to industry group. Financing for homebuyers and could save 200,000 mortgage and 14 per month and pay less and 720 at closing based on the actual points.
Very low interest rates drove up the total mortgage applications – both for purchases and refinancings – about 7%, compared to the previous week, said Michael Fratantoni, the president of the Mortgage Bankers Association vice president of research and the economy. While the increase may seem significant, it was noted that applications are still far below the level of last year.
“Refinance application volume increased, but despite 30 years mortgage rates are back below 4.5 percent, the refinancing rate remains almost 30 percent below last year’s level. Factors such as negative equity and a weak labor market continue to limit the borrowers’, which, he said.
Responsible homeowners left in the cold
In Bankrate.com Wednesday, a 30-year fixed was available leading to an annual rate of only 4.03%. The average of the night was 4.37%, according to the site.
Mortgage rates remain low bond yields, said Greg McBride, Bankrate’s chief economist. The yield on the benchmark 10-year Treasury hit 2.6% Wednesday 3.03% lower than the last week of July.
0:00 / 2:07 despite denying mortgages perfect credit
“The fall in bond yields is because they have beaten a string of poor economic readings,” said McBride.
These include the weak GDP report and the slowdown in consumer spending manufacturing and procurement.
Companies working murder
With rates so low and home prices fell more than 30% from the peak, there has probably never been a more affordable time to buy a house.
For some buyers, however, “Time is of the essence.” Said McBride. “The limits of loans (Fannie / Freddie mortgages) fall of October 1st to act now to close on September 30 is important for buyers at higher price levels.”
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