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30 Year Mortgage Rate

February 17, 2012 by · Comments Off on 30 Year Mortgage Rate 

30 Year Mortgage Rate, The average rate on the 30-year fixed mortgage held steady at a record low for a third straight week, offering more incentive to those looking to buy a home or refinance.

Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year home loan was unchanged at 3.87 percent. That’s the lowest level since long-term mortgages began in the 1950s.

The average on the 15-year fixed mortgage was also unchanged at 3.16 percent. That’s up from a record low of 3.14 percent reached two weeks ago.

The low rates have done little to boost the struggling housing market. Rates have been below 5 percent for all but two weeks in the past year. Yet few people can qualify for the rates and many of those who can have already done so.

And prospective buyers don’t want to put money into a home that they fear could fall in price over the next few years.

Sales of previously occupied homes were dismal last year. New-home sales in 2011 were the worst on records going back half a century.

Builders are hopeful that the low rates could boost sales this year. But so far, they have had a minimal impact.

Frank Nothaft, Freddie Mac’s chief economist, said mixed readings on consumer confidence underscore the fragile condition of the housing market.

Surveys of small business owner and homebuilder confidence rose in January and February, respectively. But the University of Michigan’s consumer sentiment fell in February, breaking a five-month upward trend.

To calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week.

The average rates don’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

30-year Mortgage Rate

February 17, 2012 by · Comments Off on 30-year Mortgage Rate 

30-year Mortgage Rate, The average rate on the 30-year fixed mortgage held steady at a record low for a third straight week, offering more incentive to those looking to buy a home or refinance.

Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year home loan was unchanged at 3.87%. That’s the lowest level since long-term mortgages began in the 1950s.

The average on the 15-year fixed mortgage was also unchanged at 3.16%. That’s up from a record low of 3.14% reached two weeks ago.

The low rates have done little to boost the struggling housing market. Rates have been below 5% for all but two weeks in the past year. Yet few people can qualify for the rates and many of those who can have already done so.

And prospective buyers don’t want to put money into a home that they fear could fall in price over the next few years.

Sales of previously occupied homes were dismal last year. New-home sales in 2011 were the worst on records going back half a century.

Builders are hopeful that the low rates could boost sales this year. But so far, they have had a minimal impact.

To calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week.

The average rates don’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1% of the loan amount.

The average fee for the 30-year loan was unchanged at 0.8; the average on the 15-year fixed mortgage rose to 0.8 from 0.7.

For the five-year adjustable loan, the average rate fell to 2.82% from 2.83%, and the average fee rose to 0.8 from 0.7.

The average on the one-year adjustable loan rose to 2.84% from 2.78%, and the average fee was unchanged at 0.6.

30 Year Mortgage Rate

December 25, 2011 by · Comments Off on 30 Year Mortgage Rate 

30 Year Mortgage Rate30 Year Mortgage Rate, The average rate on the 30-year fixed mortgage fell to a record 3.91 percent this week, the third time this year that rates have hit new lows.

Freddie Mac said Thursday that the average on the 30-year home loan fell from 3.94 percent the previous week. The 3.91 percent rate is the lowest average for long-term fixed mortgages on records dating to the 1950s

The average on the 15-year fixed mortgage was unchanged this week at 3.21 percent. That’s also a record.

Low rates offer a historic opportunity for those who can afford to buy a home or refinance. But many Americans either can’t take advantage of the rates or have already done so.

Rates have been below 5 percent for all but two weeks in 2011. Even so, this year is shaping up to be one of the worst ever for home sales.

Rates could fall further still. Many economists think the yield on the 10-year Treasury note could creep lower in 2012. Long-term mortgage rates tend to track the 10-year Treasury yield.

Should the Federal Reserve launch a new program of bond purchases in the coming months to try to help the economy, it could further drive down mortgage rates.

Frank Nothaft, Freddie Mac’s chief economist, has said that despite the super-low loan rates, foreclosures and falling home values have created obstacles for would-be buyers.

Sales of previously occupied homes are just slightly ahead of last year’s dismal sales figures. New-home sales appear headed for their worst year on records going back half a century.

30-year Mortgage

November 26, 2011 by · Comments Off on 30-year Mortgage 

30-year Mortgage, Mortgage rates were down slightly this past week, approaching, but not quite hitting, the lowest mortgage rates on record.

Adjustable-rate mortgages (ARMs), did reach new record lows. The initial interest rate on a five-year Treasury-indexed ARM dropped to 2.91 percent, Freddie Mac reported. That was lower than last week’s 2.97 percent, and it breaks the previous record low of 2.96 percent for five-year ARMs, set during the week of Oct. 6.

Average rates on a 30-year fixed rate mortgage dipped to 3.98 percent, down from 4 percent. The average rate for the 15-year fixed home loan slipped to 3.30 percent, down from 3.31. Both are just a hair–0.04 percentage points–above their respective all-time lows, according to Freddie Mac, also set on Oct. 6.

30-Year Mortgage

November 3, 2011 by · Comments Off on 30-Year Mortgage 

30-Year Mortgage, The average rate on 30-year fixed mortgage fell to 4% this week, nearly equaling the low blow of all time just a month ago. Freddie Mac said Thursday the rate of 30-year loan fell to 4.10% last week. Four weeks ago, fell to 3.94% – the lowest rate ever, according to the National Bureau of Economic Research.

The average mortgage rate 15-year fixed fell to 3.31% from 3.38%. Four weeks ago, also hit a record low of 3.26%. Mortgage rates tend to follow the yield on the benchmark 10-year Treasury, the Fed has been buying to try to force lower rates.

Federal Reserve, Ben Bernanke said on Wednesday that the low rates have failed to encourage increased purchasing or refinancing a home mortgage government officials had expected.  High unemployment and falling wages have become more difficult for many people who qualify for loans. Many Americans do not want to invest money in a home that could lose value over the next three or four years. And most homeowners who can afford to refinance already have.

The number of Americans who bought previously occupied homes fell in September and is on track to match the dismal figures last year – the worst in 13 years.

New home sales rose last month after four consecutive monthly declines. However, the increase was largely because builders cut prices. And followed by a peak shopping season was the worst on records dating back nearly 50 years.

The low rates have caused a modest rise in refinancing, but that benefit may be eroding. Most people who can afford to have closed refinancing rates below 5%.

Rates have been below 5% for all but two weeks in the last year. Just five years ago were closer to 6.5%. Ten years ago, they were above 8%.

The average rate of five-year adjustable loan fell to 2.96% from 3.08%. That success coincides with a record four weeks ago.

The average rate of one-year adjustable loan fell to 2.88% from 2.90%. Last month fell to 2.81%, the lowest on records dating to 1984.

The average rates do not include additional fees known as points, most borrowers must pay to obtain the lowest rates. One point equals 1% of the loan amount.

The average rate on 30-year fixed mortgage fell from 0.8 to 0.7. The average loan rate fixed at 15 years remained at 0.7. The average loan rate adjustable from five years to one year adjustable loan also unchanged at 0.6.

To calculate the average price of mortgage lenders Freddie Mac surveys across the country Monday through Wednesday of each week.

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