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Interest Rate Updates for Home Financing and Mortgage Refinance Rates
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September 2019
« Sep    

Rates on Home Mortgages Remain Low and Affordable

The average fixed interest rate on a 30-year loan has fallen to near its record low set earlier this month. The rate on the most popular mortgage dipped to 3.37% from 3.39 last week, mortgage buyer Freddie Mac said. Two weeks ago, the rate reached 3.36%, its lowest level on records dating to 1971. The average rate on the fixed 15-year loan, often used for refinancing, set a record low of 2.66%, down from last week’s 2.7%. Today applicants that seek a no cost home loan will typically pay a point. Less costly mortgages are helping fuel a modest but steady housing recovery. The average rate on the 30-year loan has remained below 4% all year. And rates have fallen even further since the Federal Reserve started buying mortgage bonds in September to encourage more borrowing and spending. The Fed said it would continue buying bonds until the job market shows substantial improvement. When home prices rise, people tend to feel wealthier and spend more freely. And consumer spending drives nearly 70% of economic activity.

With refinancing activity surging, it makes sense to shop lenders and compare mortgage refinance rates online.

Sales on houses have inched up slightly from last year, and prices are rising more consistently in most areas. Builders are clearly more confident but has the housing market turned the corner for good. Read
the Interest Rate Article from the Detroit News.

Mortgage Interest Rates Hit Record Lows

Mortgage Interest Rates Hit Record Lows

Freddie Mac announced the lowest mortgage interest rates since 1971, yet the demand for new home loans remained weak. US mortgage loans did inch up last week but even with record low mortgage rates new home-buyers were not impressed. Lending companies have been taken back by the lack of interest from loan applicants. Mortgage industry insiders insist that the unemployment and tighter home loan guidelines are driving away the growth of home-ownership. .

Home purchase and mortgage refinancing applications rose by less than 1% in the first week of August, even as 30-year mortgage interest rates fell to 4.57%, the lowest in 20 years of record keeping by the Mortgage Bankers Association.

Thirty Year Mortgage Rates Drop to 4.79%

Borrowers across the nation are lining up for home refinancing offers as mortgage interest rates drop once again. The current mortgage rates remain low as the 30-year fixed-rate mortgage average rose slightly to 4.79% with an average 0.8 point for the week ended June 3, according to the buyer of home mortgage loans. In the prior week, the average rate was 4.78%, the lowest since early December. The year-ago average for the thirty-year home loan stood at 5.29%. “The economy grew at a slower rate than originally reported in the first three months of the year … which suggests inflation will remain tame in the near term,” Freddie Mac chief economist Frank Nothaft said, referring to revised data on U.S. gross domestic product. See full story on first-quarter GDP revision pegging growth at 3.0% pace. “As a result, home loan rates held at historic levels this week,” he said in a statement. Underscoring this, interest rates on fifteen-year fixed-rate mortgages reached a new record low, averaging 4.2% — the lowest level since Freddie Mac began tracking the mortgage rates back in 1991 — down from 4.21% in the prior week.

One-year Treasury-indexed adjustable-rate mortgages averaged 3.95%, unchanged from the prior week, and the lowest level since May 2004. The 1-year ARM averaged 4.81% a year ago. The 5-year Treasury-indexed hybrid ARM averaged 3.94%, down from 3.97% in the prior week. A year ago, the 5-year ARM averaged 4.85%.

To obtain the rates, the 30-year fixed-rate mortgage required a payment of an average of 0.8 point. The other mortgages required a payment of an average 0.7 point. A point is 1% of the mortgage amount, charged as prepaid interest.

Home Mortgage Rates Hit 2010 Low

Mortgage rates fell last week as the turmoil in Europe sparked a flight to safety among investors. According to financial publisher HSH, mortgage interest rates ended at 5.01% last Friday, down from 5.15% at the beginning of the week. But there’s no guarantee that home loan rates will stay low because there’s so much volatility in the market right now. If the Euro rallies or we get good economic news in U.S. economy would surely raise interest rates almost as quickly as they declined. Keith Gumbinger of HSH said, “These things are fleeting.”

The Mortgage Bankers Association said that low rates caused a flurry of refinance activity, with applications up 15% from the previous week. But new home loan applications dropped by nearly 10%, a possible sign that the expiration of the home-buyer tax credit pulled some sales into April that might have occurred in May. Current VA rates were lower than anticipated and VA refinancing volumes rose sharply as a result. Conforming home mortgage rates ended last week just above record lows set in December. Surprisingly, rates have fallen below where they were at the end of March, when the Federal Reserve ended its purchase of $1.25 trillion in mortgage-backed securities. Most analysts had expected rates to move up after the Fed wound down its purchases.