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September 2019
« Sep    

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.