Freddie Mac released a report showing that, during the third quarter of this year, homeowners that refinanced their first mortgage lowered their interest rate by about 31 percent! The median rate of refinancing borrowers started around 5.5 percent and the median amount of rate reduction was 1.7 points, resulting in a final rate after refinance of 31 percent less, or about 3.8 percent. [...]
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Interest rates have been strong all year, last week however, we saw mortgage backed securities rally each day and with the release of unemployment figures on Friday we are now officially sitting at historic lows! If you have not taken advantage of these rates…what are you waiting for? Maybe you have been told that you don’t have enough equity in your home due to the housing market trending down over the past few years? [...] When applying for a mortgage, a borrower’s “Occupancy Type” is a major factor in determining maximum loan-to-value (equity), loan program available and mortgage interest rate. An Owner Occupied property will have better terms (less down payment, better rates) than a Non-Owner Occupied property. Three Types of Occupancy: Owner Occupied / Primary Residence -According to HUD, [...] The U.S. Department of Housing and Urban Development and the U.S. Department of the Treasury released their May Housing Scorecard, which collects key market data and tracks the administration’s recovery efforts. According to the May scorecard, recent market data contains a number of promising indicators and increasing signs of stability. In April, sales of existing homes increased in every region of the country and the number of new homes rose for the first time since 2007. [...] According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell to yet another new survey low last week. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances fell to 3.91 percent from 3.93 percent the week before. Despite the drop, mortgage loan demand was relatively flat. The Refinance Index dropped 1.5 percent from the previous week and the Purchase Index slipped 0.6 percent. The Market Composite Index, which measures total mortgage loan application volume, fell 1.3 percent from the week before. The refinance share of all mortgage activity was unchanged at 76.6 percent. [...] Mortgage rates have been rising nonstop since the end of last week. If you are considering a refinance or taking the plunge and buying a new home, you’d better get moving. I just had a prospect shop rates and terms for his new home over the last couple of weeks and just called back; he finally decided on a lender and wanted an updated rate quote to lock his loan. Needless to say, he was terribly disappointed…the rates we originally spoke about on a 30 year fixed rate a couple of weeks ago was in the high 3’s, my quote yesterday was 4.25% (4.45% APR ). [...] Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing most average mortgage rates inching higher on January’s positive employment data. The 30-year fixed remained unchanged and at its all-time record low. One year ago at this time, the 30-year fixed averaged 5.05 percent. [...] This morning, Freddie Mac released the results of it’s Primary Mortgage Market Survey revealing that the interest rate on a 30-year fixed rate mortgage averaged 3.91 percent, matching the all-time low! Makes me want to go out and borrow some money! This morning, Freddie Mac released the results of it’s Primary Mortgage Market Survey revealing that the interest rate on a 30-year fixed rate mortgage averaged 4.01 percent, which is an all-time record low and the interest rate on a 15-year fixed rate mortgage averaged 3.28 percent, also an all-time record low! [...] According to the Mortgage Bankers Association (MBA) weekly mortgage applications survey released this morning, for the week ending March 18, 2011, the MBA Purchase Index (a measure of the volume of loan applications related to a home purchase) increased 6.7 percent from the week before. The four-week moving average for the index is up [...] According to the Mortgage Bankers Association (MBA) weekly mortgage applications survey released this morning, for the week ending April 29, 2011, the MBA Purchase Index (a measure of the volume of loan applications related to a home purchase) increased 0.3 percent from the week before. The four-week moving average for the index is down [...] According to the Mortgage Bankers Association (MBA) weekly mortgage applications survey released this morning, for the week ending April 15, 2011, the MBA Purchase Index (a measure of the volume of loan applications related to a home purchase) increased 10.0 percent from the week before to its highest level since December 3, 2010. The [...] According to the Mortgage Bankers Association (MBA) weekly mortgage applications survey released this morning, for the week ending April 8, 2011, the MBA Purchase Index (a measure of the volume of loan applications related to a home purchase) decreased 4.7 percent from the week before. The four-week moving average for the index is up [...] According to the Mortgage Bankers Association (MBA) weekly mortgage applications survey released this morning, for the week ending April 1, 2011, the MBA Purchase Index (a measure of the volume of loan applications related to a home purchase) increased 6.7 percent from the week before bringing it to the highest level this year thus [...] According to the Mortgage Bankers Association (MBA) weekly mortgage applications survey released this morning, for the week ending March 18, 2011, the MBA Purchase Index (a measure of the volume of loan applications related to a home purchase) increased 2.7 percent from the week before. The four-week moving average for the index is up [...] According to the Mortgage Bankers Association (MBA) weekly mortgage applications survey released this morning, for the week ending March 11, 2011, the MBA Purchase Index (a measure of the volume of loan applications related to a home purchase) decreased 4.0 percent from the week before. The four-week moving average for the index is up [...] According to the Mortgage Bankers Association (MBA) weekly mortgage applications survey released this morning, for the week ending March 4, 2011, the MBA Purchase Index (a measure of the volume of loan applications related to a home purchase) increased 12.5 percent from the week before. The four-week moving average for the index is up [...] According to the Mortgage Bankers Association (MBA) weekly mortgage applications survey for the week ending February 25, 2011, the MBA Purchase Index (a measure of the volume of loan applications related to a home purchase) decreased 6.1 percent from the week before. The four-week moving average for the index is down 2.2 percent. [...] According to the Mortgage Bankers Association (MBA) weekly mortgage applications survey for the week ending February 1, 2011, the MBA Purchase Index (a measure of the volume of loan applications related to a home purchase) decreased 5.9 percent from the week before. The four-week moving average for the index is down 1.9 percent. [...] According to the Mortgage Bankers Association (MBA) weekly mortgage applications survey for the week ending February 4, 2011, the MBA Purchase Index (a measure of the volume of loan applications related to a home purchase) decreased 1.4 percent from the week before. The four-week moving average for the index is down 0.8 percent. [...] According to the Mortgage Bankers Association (MBA) weekly mortgage applications survey for the week ending January 28, 2011, the MBA Purchase Index (a measure of the volume of loan applications related to a home purchase) increased 9.5 percent from the week before. [...] According to the Mortgage Bankers Association (MBA) weekly mortgage applications survey for the week ending January 7, 2011, the MBA Purchase Index (a measure of the volume of loan applications related to a home purchase) decreased 3.7 percent from the week before. [...] According to the Mortgage Bankers Association (MBA) weekly mortgage applications survey for the week ending December 31, 2010, the MBA Purchase Index (a measure of the volume of loan applications related to a home purchase) decreased 0.8 percent from the week before. [...] According to the Mortgage Bankers Association (MBA) weekly mortgage applications survey for the week ending December 10, 2010, the MBA Purchase Index (a measure of the volume of loan applications related to a home purchase) decreased 2.5 percent from the week before. The four-week moving average of home purchase mortgage applications is down 1.2 [...] According to the Mortgage Bankers Association (MBA) weekly mortgage applications survey for the week ending December 10, 2010, the MBA Purchase Index (a measure of the volume of loan applications related to a home purchase) decreased 5.0 percent from the week before. The four-week moving average of home purchase mortgage applications is up 2.6 [...] |
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At this time last year, the interest rate on a 30-year fixed-rate mortgage averaged 4.77 percent. [...]