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30 Year Fixed Mortgage Rates

March 4, 2012 by · Comments Off on 30 Year Fixed Mortgage Rates 

30 Year Fixed Mortgage Rates, Mortgage rates in the U.S. declined as more Americans sought financing for home purchases.  The average rate for a 30-year (NMCMFUS) fixed loan fell to 3.9 percent in the week ended today from 3.95 percent, Freddie Mac (FMCC) said in a statement.

 The rate dropped to 3.87 percent earlier last month, the lowest in Freddie Mac records dating to 1971. The average 15-year (NMCM15US) rate decreased to 3.17 percent from 3.19 percent, according to the McLean, Virginia-based mortgage- finance company.

Mortgage applications for house purchases jumped 8.2 percent in the period ended Feb. 24, the most in six weeks, according to a Mortgage Bankers Association index. The Washington-based group’s refinancing gauge fell 2.2 percent. While housing demand is improving, sales have been restrained by tight credit and a jobless rate holding above 8 percent.

“Affordability has increased dramatically as a result of the decline in house prices and historically low interest rates on conventional mortgages,” Federal Reserve Chairman Ben S. Bernanke said yesterday in testimony to the House Financial Services Committee in Washington. “Unfortunately, many potential buyers lacked the down payment and credit history required to qualify for loans. Others are reluctant to buy a house now because of concerns about their income, employment prospects and the future path of house prices.”

Sales (ETSLTOTL) of previously owned homes rose 4.3 percent in January from the previous month, the National Association of Realtors reported Feb. 22. Foreclosures and other distressed properties, which made up the largest share of all purchases since April, have been depressing prices.

The S&P/Case-Shiller index of home values in 20 cities fell 4 percent in December from a year earlier, after decreasing 3.9 percent in November, a report from the group showed Feb. 28.

30 Year Mortgage Low

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

30 Year Mortgage Low, 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 Fixed Mortgage Rates

December 30, 2011 by · Comments Off on 30 Year Fixed Mortgage Rates 

30 Year Fixed Mortgage Rates30 Year Fixed Mortgage Rates, U.S. mortgage rates for 30-year fixed loans increased from the lowest on record as home sales rose amid improved consumer confidence and employment data.

The average rate for a 30-year fixed loan rose to 3.95 percent in the week ended today, from 3.91 percent last week, the lowest in records dating to 1971, Freddie Mac said in a statement. The average 15-year rate climbed to 3.24 percent from 3.21 percent, according to the McLean, Virginia-based mortgage- finance company.

New-home sales jumped to a seven-month high in November, figures from the Commerce Department showed Dec. 23. The unemployment rate declined to 8.6 percent last month, the lowest level in more than two years, and confidence among consumers reached an eight-month high in December.

“Low interest rates are a necessary condition to help the housing market but they aren’t sufficient,” Charles Lieberman, chief investment officer at Advisors Capital Management LLC in Hasbrouck Heights, New Jersey, said in an interview before Freddie Mac made the announcement. “We need some other things to happen to help housing. The most important of those is for job growth to continue at a stronger pace.”

The number of Americans filing claims for unemployment benefits decreased for the week ended Dec. 17 to the lowest level since April 2008, the Labor Department said last week.

Residential home values, weighed down by foreclosures, fell 3.4 percent in October from a year earlier, according to the S&P/Case-Shiller index of property values in 20 cities.

A measure of contracts to buy previously owned homes increased 7.3 percent in November to the highest level since April 2010 after climbing 10.4 percent the prior month, the National Association of Realtors said today in Washington.

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