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by Broderick Perkins
DeadlineNews.Com
3/16/10 - Mortgage interest rates were down again the week ending March 16, to 5.11 percent, according to the weekly report from Calabasas, CA-based Informa Research Services' Interest Rate Review.
For the week, the average fixed-rate mortgage (FRM) interest rate on conforming 30-year loans was down from 5.12 percent last week, down from 5.31 percent over the past six months and down from 5.21 percent this time last year.
Informa found the lowest FRM rate at 4.70 percent and the highest average FRM interest rate at 6.96 percent, both unchanged for weeks.
The average 15-year FRM on March 16 was 4.49 percent, a few digits up from 4.47 percent last week, according to Informa, a market research, analyses, and intelligence gathering service for the financial industry since 1983. The high 15-year FRM rate came in unchanged a 6.74 percent with the low at 3.89 percent. A year ago the rate was 4.91 percent.
Informa's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators.
On March 16, the average interest rate for the 5/1 adjustable rate mortgage (ARM), was 3.44 percent, virtually unchanged from a week ago and, 4.26 percent last year at this time. The low was below 3 percent at 2.86 percent.
The FRM rates for 15- and 30-year mortgages and the 5/1 ARM rates are all based on a $200,000 purchase loan, with an 80 percent loan-to-value ratio, for an owner-occupied, single-family residence.
Informa also reported the average rate for 30-year, non-conforming jumbo loans came in at 5.98 percent, virtually unchanged from a week ago and down from 6.66 percent a year ago.
Jumbo rates came in at a range from a low of 5.10 percent to a high of 8.46 percent.
The jumbo averages are based on a $450,000 purchase loan with an 80 percent loan-to-value ratio for an owner-occupied, single-family residence.
On March 16, the variable rate on home equity lines of credit (HELOC), came in unchanged again for the past two weeks at 5.03 percent, up from 4.70 percent last year at this time. HELOC rates were as low as 2.75 percent.
The average FRM rate on 15-year home equity loans came in at 7.59 percent, virtually unchanged from a week ago and down from 7.84 percent a year ago.
Home equity loans are based on a $50,000, 80 percent loan-to-value note.
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by Broderick Perkins
DeadlineNews.Com
Mortgage interest rates slid more the week ending March 11, down to 4.95 percent for the average interest rate on a 30-year, fixed-rate mortgage (FRM). The rate was down from last week's 4.97 percent average, according to Freddie Mac's weekly Primary Mortgage Market Survey (PMMS).
For the week ending March 11, the rate includes an average 0.7 point. Last year, at this time, the 30-year FRMaverage was 5.03 percent.
The 30-year FRM's average interest rate this week, closed in on the record low average, 4.71 percent, posted Dec. 3, 2009 as the lowest conforming loan rate since Freddie Mac began its weekly survey in 1971.
"During a light week of mixed economic reports, mortgage rates eased somewhat," said Frank Nothaft, Freddie Mac vice president and chief economist.
"Pending existing home sales fell 7.6 percent in January, well below the market consensus of a 1 percent gain. Meanwhile, the economy lost only 36,000 jobs in February, fewer than market forecasts, and the unemployment rate held steady at 9.7 percent, " Nothaft added.
The 15-year FRM this week, averaging 4.32 percent, also slipped from last week's 4.33 percent average. The rate carried an average 0.7 point. A year ago the 15-year FRM averaged 4.64 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.05 percent the week ending March 11, with an average 0.6 point, again, down from 4.11 percent from last week. A year ago, the 5-year ARM averaged 4.99 percent.
The 1-year Treasury-indexed ARM averaged 4.22 percent this week with an average 0.6 point, also down from last week's 4.27 percent average, according to Freddie Mac. Last year, at this time, the 1-year ARM averaged 4.80 percent.
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by Broderick Perkins
DeadlineNews.Com
3/9/10 - Mortgage interest rates were down again the week ending March 9, to 5.12 percent, according to the weekly report from Calabasas, CA-based Informa Research Services' Interest Rate Review.
For the week, the average fixed-rate mortgage (FRM) interest rate on conforming 30-year loans was down from 5.16 percent last week, down the second week in a row and down from 5.28 percent this time last year.
Informa found the lowest FRM rate at 4.70 percent and the highest average FRM interest rate at 6.96 percent, both unchanged for weeks.
The average 15-year FRM on March 9 was 4.47 percent, a few digits down from 4.52 percent last week, according to Informa, a market research, analyses, and intelligence gathering service for the financial industry since 1983. The high 15-year FRM rate came in unchanged a 6.74 percent with the low at 3.84 percent, down from 4.10 percent last week. A year ago the rate was 4.95 percent.
Informa's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators.
On March 9, the average interest rate for the 5/1 adjustable rate mortgage (ARM), was 3.43 percent, virtually unchanged from a week ago and, 4.36 percent last year at this time. The low was below 3 percent at 2.83 percent.
The FRM rates for 15- and 30-year mortgages and the 5/1 ARM rates are all based on a $200,000 purchase loan, with an 80 percent loan-to-value ratio, for an owner-occupied, single-family residence.
Informa also reported the average rate for 30-year, non-conforming jumbo loans dropped back to 5.97 percent, down from 6 percent last week, but down from 6.76 percent a year ago.
Jumbo rates came in at a range from a low of 4.98 percent to a high of 8.46 percent.
The jumbo averages are based on a $450,000 purchase loan with an 80 percent loan-to-value ratio for an owner-occupied, single-family residence.
On March 9, the variable rate on home equity lines of credit (HELOC), came in unchanged from last week at 5.03 percent, up from 4.65 last year at this time. HELOC rates were also as low as 2.74 percent.
The average FRM rate on 15-year home equity loans came in at 7.58 percent down from 7.60 percent last week and 7.84 percent a year ago.
Home equity loans are based on a $50,000, 80 percent loan-to-value note.
by Broderick Perkins
DeadlineNews.Com
3/4/10 - Mortgage interest rates slipped below 5 percent again, falling to 4.97 percent for the average interest rate on a 30-year, fixed-rate mortgage (FRM). The rate was down from last week's 5.05 percent average, according to Freddie Mac's weekly Primary Mortgage Market Survey (PMMS).
For the week ending March 4, the rate includes an average 0.7 point. Last year, at this time, the 30-year FRMaverage was 5.15 percent.
The 30-year FRM's record low average, 4.71 percent, was posted Dec. 3, 2009 as the lowest conforming loan rate since Freddie Mac began its weekly survey in 1971.
Historically low interest rates, along with rolled-back home prices and unprecedented government assistance programs have made for greater affordability.
Unfortunately, those potentially positive market factors continue to collide with other conditions that undermine the confidence of consumers who might otherwise buy a home.
New, existing home sales plummet
New homes - The seasonally adjusted annual rate of new home sales plummeted 11.2 percent to 309,000 in January this year, compared with 348,000 in December, according to the U.S. Census Bureau. It was the lowest rate since the government began keeping records in 1963 -- almost 50 years ago -- and comes after declines in November and December.
Existing homes - Likewise, from November to December, resale home sales plummeted nearly 17 percent, the largest month-to-month decline in 42 years.
The December to January existing home sales fell another 7.2 percent according to the National Association of Realtors, but the sales rate in January was 11.5 percent above sales from January 2009.
"Still, the latest monthly sales decline is not encouraging, and raises concern about the strength of a recovery.” said HYPERLINK "http://www.realtor.org/wps/wcm/connect/RO-Content/ro/research/chief_economist_bio" Lawrence Yun, NAR chief economist.
More rate declines
The 15-year FRM this week, averaging 4.33 percent, also fell from last week's 4.40 percent average. The rate carried an average 0.7 point. A year ago the 15-year FRM averaged 4.72 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.11 percent the week ending March 4, with an average 0.6 point, again, down from 4.16 percent from last week. A year ago, the 5-year ARM averaged 5.08 percent.
The 1-year Treasury-indexed ARM averaged 4.27 percent this week with an average 0.6 point, up from last week's 4.15 percent average, according to Freddie Mac. Last year, at this time, the 1-year ARM averaged 4.86 percent.
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by Broderick Perkins
DeadlineNews.Com
3/2/10 - Mortgage interest rates, relatively unchanged through February, remain stuck, averaging at 5.16 percent for the week ending March 2, 2010, according to the weekly report from Calabasas, CA-based Informa Research Services' Interest Rate Review.
For the week, the average fixed-rate mortgage (FRM) interest rate on conforming 30-year loans was virtually unchanged from 5.18 percent throughout February, down from 5.36 percent this time last year.
Informa found the lowest FRM rate at 4.70 percent and the highest average FRM interest rate at 6.96 percent, both also unchanged for weeks.
The average 15-year FRM on March 2 was 4.52 percent, a few digits down from 4.56 percent last week, according to Informa, a market research, analyses, and intelligence gathering service for the financial industry since 1983. The high 15-year FRM rate came in at 6.74 percent with the low at 4.10 percent.
Informa's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators.
On March 2, the average interest rate for the 5/1 adjustable rate mortgage (ARM), was 3.42 percent, down from 3.45 percent a week ago, 4.36 percent last year at this time.
The FRM rates for 15- and 30-year mortgages and the 5/1 ARM rates are all based on a $200,000 purchase loan, with an 80 percent loan-to-value ratio, for an owner-occupied, single-family residence.
Informa also reported the average rate for 30-year, non-conforming jumbo loans rose to 6 percent this week, compared to 5.84 percent last week, but down from 6.83 percent a year ago.
Jumbo rates came in at a range from a low of 5.10 percent to a high of 8.46 percent.
The jumbo averages are based on a $450,000 purchase loan with an 80 percent loan-to-value ratio for an owner-occupied, single-family residence.
On March 2, the variable rate on home equity lines of credit (HELOC), came in, on average, at 5.03 percent, little changed from 5 percent a week ago and up from 4.65 last year at this time. HELOC rates were also as low as 2.74 percent.
The average FRM rate on 15-year home equity loans came in at 7.60 percent after inching up fro weeks and coming in at 7.50 percent last week and 7.81 percent a year ago.
Home equity loans are based on a $50,000, 80 percent loan-to-value note.
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by Broderick Perkins
DeadlineNews.Com
2/25/10 - After several weeks below 5 percent, the average interest rate on a 30-year, fixed-rate mortgage (FRM) reversed course and rose to an average 5.05 percent, up from last week's 4.93 percent, according to Freddie Mac's weekly Primary Mortgage Market Survey (PMMS).
For the week ending Feb. 25, the rate includes an average 0.7 point. Last year, at this time, the 30-year FRMaverage was 5.07 percent.
The 30-year FRM's record low average, 4.71 percent, was posted Dec. 3, 2009 as the lowest conforming loan rate since Freddie Mac began its weekly survey in 1971.
The 15-year FRM this week, averaging 4.40 percent, also rose from last week's 4.33 percent. The rate carried an average 0.7 point. A year ago the 15-year FRM averaged 4.68 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.16 percent the week ending Feb. 25, with an average 0.6 point, up from 4.12 percent from last week. A year ago, the 5-year ARM averaged 5.06 percent.
The 1-year Treasury-indexed ARM came in at an average 4.15 percent this week with an average 0.6 point, down from last week's 4.23 percent average, according to Freddie Mac. Last year, at this time, the 1-year ARM averaged 4.81 percent.
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by Broderick Perkins
DeadlineNews.Com
2/23/09 - Mortgage interest rates were unchanged through February, stuck at 5.18 percent for past four weeks, ending Feb. 23, 2010, according to the weekly report from Calabasas, CA-based Informa Research Services' Interest Rate Review.
For the week, the average fixed-rate mortgage (FRM) on conforming 30-year loans was down from the average 5.42 percent this time last year.
Informa found the lowest FRM rate at 4.70 percent and the highest average FRM interest rate at 6.96 percent, both also unchanged for weeks.
The average 15-year FRM on Feb. 23 was also relatively unchanged at 4.56 percent, compared to 4.55 percent last week, according to Informa, a market research, analyses, and intelligence gathering service for the financial industry since 1983. The high 15-year FRM rate came in at 6.74 percent with the low at 4.19 percent, also both relatively unchanged from a week ago.
Informa's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators.
On Feb. 23, the average interest rate for the 5/1 adjustable rate mortgage (ARM), was 3.45 percent, unchanged from a week ago, but down from 4.33 percent last year at this time.
The FRM rates for 15- and 30-year mortgages and the 5/1 ARM rates are all based on a $200,000 purchase loan, with an 80 percent loan-to-value ratio, for an owner-occupied, single-family residence.
Informa also reported the average rate for 30-year, non-conforming jumbo loans was at 5.84 percent, unchanged from last week, but down from 6.83 percent a year ago.
Jumbo rates came in at a range from a low of 4.96 percent to a high of 8.46 percent.
The jumbo averages are based on a $450,000 purchase loan with an 80 percent loan-to-value ratio for an owner-occupied, single-family residence.
On Feb. 23, the variable rate on home equity lines of credit (HELOC), came in, on average, at 5 percent, also unchanged for weeks and up from 4.63 percent a year ago.
The average FRM rate on 15-year home equity loans came in at 7.50 percent, a notch up from 7.49 last week, but down from 7.80 percent a year ago.
Home equity loans are based on a $50,000, 80 percent loan-to-value note.
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by Broderick Perkins
DeadlineNews.Com
2/18/10 - The average interest rate on a 30-year, fixed-rate mortgage (FRM) dipped further falling to 4.93 percent, for the week ending Feb. 18, 2010, down from 4.93 percent last week.
The rate includes an average 0.7 point, according to Freddie Mac's weekly Primary Mortgage Market Survey (PMMS).
Last year, at this time, the 30-year FRM average was 5.04 percent.
The 30-year FRM's record low average, 4.71 percent, was posted Dec. 3, 2009 as the lowest conforming loan rate since Freddie Mac began its weekly survey in 1971.
The 15-year FRM this week was also little changed, averaging 4.33 percent compared to 4.34 percent last week. The rate carried an average 0.6 point. A year ago the 15-year FRM averaged 4.68 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.12 percent the week ending Feb. 18, with an average 0.5 point, down from 4.19 percent from last week. A year ago, the 5-year ARM averaged 5.04 percent.
The 1-year Treasury-indexed ARM came in at an average 4.23 percent this week with an average 0.6 point, down from last week's 4.33 percent average, according to Freddie Mac. Last year, at this time, the 1-year ARM averaged 4.80 percent.
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by Broderick Perkins
DeadlineNews.Com
2/11/10 - The average interest rate on a 30-year, fixed-rate mortgage (FRM) dipped below the 5 percent mark falling to 4.97 percent, for the week ending Feb. 11, 2010, down from 5.01 percent last week.
The rate includes an average 0.7 point, according to Freddie Mac's weekly Primary Mortgage Market Survey (PMMS).
Last year, at this time, the 30-year FRM average was 5.16 percent.
The 15-year FRM this week was little changed, averaging 4.34 percent compared to 4.40 percent last week. The rate carried an average 0.6 point. A year ago the 15-year FRM averaged 4.81 percent.
The low rates continued to convince homeowners to refinance. More than two out of three mortgage applications were for refinance transactions over the first six weeks of 2010 according to the Mortgage Bankers Association.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.19 percent the week ending Feb. 11, with an average 0.6 point, down from 4.27 percent from last week. A year ago the rate was 5.23 percent.
The 1-year Treasury-indexed ARM came in at an average 4.33 percent this week with an average 0.6 point, up from last week's 4.22 percent average, according to Freddie Mac. Last year at this time the 1-year ARM averaged 4.94 percent.
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by Broderick Perkins
DeadlineNews.Com
2/4/10 - The average interest rate on a 30-year, fixed-rate mortgage (FRM) moved slightly above the 5 percent mark for the week ending Feb. 4, 2010, inching up to 5.01 percent from 4.98 percent last week.
The rate includes an average 0.7 point, according to Freddie Mac's weekly Primary Mortgage Market Survey (PMMS).
Last year, at this time, the 30-year FRM average was 5.25 percent.
The 15-year FRM this week was also little changed, averaging 4.40 percent compared to 4.39 percent last week. The rate carried an average 0.7 point. A year ago the 15-year FRM averaged 4.92 percent.
"Mortgage rates remained relatively stable for a second week, amid news of a strengthening housing market," said Frank Nothaft, Freddie Mac vice president and chief economist.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.27 percent the week ending Feb. 4, with an average 0.6 point, up from 4.25 percent from last week. A year ago the rate was 5.26 percent.
The 1-year Treasury-indexed ARM came in at an average 4.22 percent this week with an average 0.5 point, down from last week's 4.29 percent average, according to Freddie Mac. Last year at this time the 1-year ARM averaged 4.92 percent.
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by Broderick Perkins
DeadlineNews.Com
2/2/09 - Mortgage interest rates were down again, for the fourth consecutive week, falling to 5.18 percent, from 5.19 percent last week, according to Calabasas, CA-based Informa Research Services' Interest Rate Review.
For the week ending Feb. 2, 2009, the average fixed-rate mortgage (FRM) on conforming 30-year loans was also down from the average 5.47 percent this time last year.
Informa found the lowest FRM rate at 4.70 percent and the highest average FRM interest rate at 6.96 percent.
The average 15-year FRM on Feb. 2 also fell to 4.57 percent from 4.59 percent last week, according to Informa, a market research, analyses, and intelligence gathering service for the financial industry since 1983. The high 15-year FRM rate came in at 6.74 percent with the low at 4.22 percent.
Informa's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators.
On Feb. 2, the average interest rate for the 5/1 adjustable rate mortgage (ARM), was 3.48 percent up a bit from 3.46 percent last week but down from 4.35 percent last year at this time.
The FRM rates for 15- and 30-year mortgages and the 5/1 ARM rates are all based on a $200,000 purchase loan, with an 80 percent loan-to-value ratio, for an owner-occupied, single-family residence.
Informa also reported the average rate for 30-year, non-conforming jumbo loans dipped to 5.99 percent from 6.14 percent a week ago. Last year at this time the rate was 6.97 percent.
Jumbo rates came in at a range from a low of 5.08 percent to a high of 10.46 percent.
The jumbo averages are based on a $450,000 purchase loan with an 80 percent loan-to-value ratio for an owner-occupied, single-family residence.
On Feb. 2, the variable rate on home equity lines of credit (HELOC), came in at an average 4.98 percent, unchanged from a week ago and up from 4.58 percent a year ago.
The average FRM rate on 15-year home equity loans of came in at 7.46 percent, just a tad down from 7.47 last week, but down more from 7.77 percent a year ago.
Home equity loans are based on a $50,000, 80 percent loan-to-value note.
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by Broderick Perkins
DeadlineNews.Com
1/28/10 - The average interest rate on a 30-year, fixed-rate mortgage (FRM) stayed below the 5 percent mark, slipping to 4.98 percent for the week ending Jan. 21.
The rate includes an average 0.6 point and was down from 4.99 percent a week ago, according to Freddie Mac's weekly Primary Mortgage Market Survey (PMMS).
Last year, at this time, the 30-year FRM average was 5.10 percent.
The 15-year FRM this week was also down by inches, averaging 4.39 percent from 4.40 percent last week. The rate carried an average 0.6 point. A year ago the 15-year FRM averaged 4.80 percent.
"Mortgage rates held steady this week ahead of the Federal Reserve’s (Fed) policy committee meetings. The Fed announced on January 27th that economic activity has continued to strengthen. It also noted that with substantial resource slack continuing to restrain cost pressures and with longer-term inflation expectations stable, inflation is likely to be subdued for some time," said Frank Nothaft, Freddie Mac vice president and chief economist.
As a result of the Feds findings it left benchmark rates unchanged.
Interest rates barely moved in anticipation of the Feds action -- or lack thereof.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.25 percent the week ending Jan. 28, with an average 0.6 point, down from last week's 4.27 percent average. A year ago the rate was 5.27 percent.
The 1-year Treasury-indexed ARM came in at an average 4.29 percent this week with an average 0.5 point, down from last week's 4.32 percent average, according to Freddie Mac. Last year at this time the 1-year ARM averaged 4.90 percent.
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Mortgage interest rates inch down toward 5 percent
by Broderick Perkins
DeadlineNews.Com
1/26/09 - Mortgage interest rates were down again, for the third consecutive week, falling to 5.19 percent, from 5.24 percent last week, according to Calabasas, CA-based Informa Research Services' Interest Rate Review.
For the week ending Jan. 26, 2009, the average fixed-rate mortgage (FRM) on conforming 30-year loans was also down from the average 5.48 percent this time last year.
Informa found the lowest FRM rate, at 4.45 percent, was up from last week, but the highest average FRM interest rate of 6.96 was unchanged.
The average 15-year FRM fell again to 4.59 percent from 4.64 percent last week, according to Informa, a market research, analyses, and intelligence gathering service for the financial industry since 1983. The high 15-year FRM rate came in at 6.74 percent with the low at 4.22 percent, both flat from a week ago.
Informa's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators.
The average interest rate for the 5/1 adjustable rate mortgage (ARM) dropped from 3.50 percent last week to 3.46 percent Jan. 26. Last year, at this time the 5/1 rate came in at 4.37 percent.
The FRM rates for 15- and 30-year mortgages and the 5/1 ARM rates are all based on a $200,000 purchase loan, with an 80 percent loan-to-value ratio, for an owner-occupied, single-family residence.
Informa also reported the average rate for 30-year, non-conforming jumbo loans rose slightly to 6.14 percent, from 6.12 percent last week and 7.11 percent a year ago.
Jumbo rates came in at a range from a low of 5.04 percent to a high of 10.46 percent, unchanged from a week ago.
The jumbo averages are based on a $450,000 purchase loan with an 80 percent loan-to-value ratio for an owner-occupied, single-family residence.
On Jan. 26, the variable rate on home equity lines of credit, came in at an average 4.98 percent, compared to 4.97 percent a week ago, and 4.51 percent a year ago.
The average FRM rate on 15-year home equity loans of came in at 7.47 percent, unchanged from last week, but down from 7.78 percent a year ago.
Home equity loans are based on a $50,000, 80 percent loan-to-value note.
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by Broderick Perkins
DeadlineNews.Com
1/21/10 - The average interest rate on a 30-year, fixed-rate mortgage (FRM) dropped below the 5 percent mark, slipping to 4.99 percent for the week ending Jan. 21.
The rate includes an average 0.7 point and was down from 5.06 percent a week ago, according to Freddie Mac's weekly Primary Mortgage Market Survey (PMMS).
Last year, at this time, the 30-year FRM average was 5.12 percent.
The 15-year FRM this week was also down, averaging 4.40 percent with 0.6 point, down from 4.45 percent last week. A year ago the 15-year FRM averaged 4.80 percent.
After rising through December, 2009, FRMs have been slowly reversing course in January with three consecutive weeks of declines. That's boosted refiinancing.
Frank Nothaft, Freddie Mac vice president and chief economist said, "Similarly, ARM rates eased along with shorter-term rates, as the federal funds futures market indicates no increase in the Federal Reserve's target rate following its upcoming committee meeting on January 26 and 27.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.27 percent the week ending Jan. 21, with an average 0.6 point, down from last week's 4.32 percent average. A year ago the rate was 5.24 percent.
The 1-year Treasury-indexed ARM came in at an average 4.32 percent this week with an average 0.6 point, down from last week's 4.39 percent average, according to Freddie Mac. Last year at this time the 1-year ARM averaged 4.92
percent.
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by Broderick Perkins
DeadlineNews.Com
1/19/09 - With mortgage interest rates falling again, borrowers who can qualify should lock in a low rate now, instead of gambling rates will remain low well into 2010.
Interest rates don't spend a lot of time at and below the 5 percent mark, however, should they drop significantly later this year, a refinance is always an option.
Mortgage interest rates fell for the second week to 5.24, down from 5.29 last week, according to Calabasas, CA-based Informa Research Services' Interest Rate Review.
Rates for home loans had been on the rise through the month of December. That changed in January.
For the week ending Jan. 19, 2009, the average fixed-rate mortgage (FRM) on conforming 30-year loans was also down a tad from the average 5.46 percent this time last year.
Informa found the lowest FRM rate, at 4.22 percent, was also down from last week. The highest FRM interest rate at 6.96 percent was unchanged.
The average 15-year FRM fell again too, but only to 4.64 percent from 4.67 percent last week, according to Informa, a market research, analyses, and intelligence gathering service for the financial industry since 1983. The high came in at 6.74 percent and, with the low average at 4.22 percent, both were unchanged.
Informa's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators.
The average interest rate for the 5/1 adjustable rate mortgage (ARM) dropped from 3.56 percent last week to 3.50 percent Jan. 19. Last year, at this time the 5/1 rate came in at 4.29 percent.
The FRM rates for 15- and 30-year mortgages and the 5/1 ARM rates are all based on a $200,000 purchase loan, with an 80 percent loan-to-value ratio, for an owner-occupied, single-family residence.
Informa also reported the average rate for 30-year, non-conforming jumbo loans dropped to 6.12 percent, down from 6.20 percent last week and 7.10 percent a year ago.
Jumbo average rates averaged from a low of 5.04 percent to a high of 10.46 percent -- little changed from a week ago.
The jumbo averages are based on a $450,000 purchase loan with an 80 percent loan-to-value ratio for an owner-occupied, single-family residence.
Home equity rates were down this week.
On Jan. 19, the variable rate on home equity lines of credit (HELOCs), came in at an average 4.97 percent, down from 4.99 percent a week ago, but up from 4.42 percent this time last year.
The average FRM rate on 15-year home equity loans of came in at 7.47 percent, down from 7.51 percent last week, and down from 7.79 percent a year ago.
Home equity loans are based on a $50,000, 80 percent loan-to-value note.
by Broderick Perkins
DeadlineNews.Com
1/14/09 - The average interest rate on a 30-year, fixed-rate mortgage (FRM) came in at 5.06 percent, the week ending Jan. 14, with an average 0.7 point, down a few ticks from 5.09 percent last week, according to Freddie Mac's weekly Primary Mortgage Market Survey (PMMS).
Last year, at this time, the 30-year FRM average was 4.96 percent.
The 15-year FRM this week was also down, averaging 4.45 percent with 0.6 point, down from 4.50 percent last week. A year ago the 15-year FRM averaged 5.25 percent.
The lower rates continued to fuel refinance activity. For the past several months, 75 percent of conventional mortgage applications were for refinance transactions, according the Mortgage Bankers Association.
"Refinance applications continue to rule the day as rates dipped … and consumers jumped on them," said Nancy Osborne, chief operating officer of Erate.com, a Santa Clara, CA-based financial information publisher and interest rate tracker.
"Interest rates will not remain at historic lows forever, so borrowers better grab them and take advantage while they can," she added.
Meanwhile, ARMs were mixed.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.32 percent the week ending Jan. 14, with an average 0.6 point, down from last week's 4.44 percent average.
The 1-year Treasury-indexed ARM came in at an average 4.39 percent this week with an average 0.5 point, up from last week's 4.31 percent average, according to Freddie Mac.
A year ago the 5-year ARM averaged 5.25 percent. The 1-year ARM averaged 4.89 percent this time last year.
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by Broderick Perkins
1/12/09 - Mortgage interest rates fell to 5.29 percent this week, down from 5.33 percent for the past two weeks, according to Calabasas, CA-based Informa Research Services' Interest Rate Review.
Rates had risen all through December, 2009 until they flattened out the first week in January this year.
For the week ending Jan. 12, 2009, the average fixed-rate mortgage (FRM) on conforming 30-year loans was little changed from a year ago when it was 5.33 percent.
For the week ending Jan. 12, Informa found the lowest FRM rate at 4.37 percent and the high average FRM interest rate at 6.96 percent.
The average 15-year FRM fell too, to 4.67 percent from 4.75 percent last week, according to Informa, a market research, analyses, and intelligence gathering service for the financial industry since 1983. The high, at 6.74 percent and the low average, at 4.22 percent weren't that much cheaper than rates on 30-year FRMs.
The average interest rate for the 5/1 adjustable rate mortgage (ARM) dropped from 3.63 percent last week to 3.56 percent. Last year the rate came in at 4.26 percent at this time.
The FRM rates for 15- and 30-year mortgages and the 5/1 ARM rates are all based on a $200,000 purchase loan, with an 80 percent loan-to-value ratio, for an owner-occupied, single-family residence.
Informa's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators.
Informa also reported the average rate for 30-year, non-conforming jumbo loans dropped from 6.25 percent last week to 6.20 percent this week and 7.06 percent a year ago.
Jumbo average rates averaged from a low of 5.10 percent to a high of 10.46 percent -- unchanged from a week ago.
The jumbo averages are based on a $450,000 purchase loan with an 80 percent loan-to-value ratio for an owner-occupied, single-family residence.
Home equity rates were mixed.
On Jan. 12, the variable rate on home equity lines of credit (HELOCs) of $50,000, with an 80 percent loan-to-value note, came in at an average 4.99 percent, unchanged from last week and up from 4.48 percent this time last year.
The average FRM rates on 15-year home equity loans of $50,000, with an 80 percent loan-to-value note came in at 7.51 percent, up from 7.48 percent late last year, but down from 7.81 percent a year ago.
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by Broderick Perkins
1/7/09 - Procrastinating home buyers or home owners seeking a refinance got a
reprieve this week as mortgage interest rates inched down after rising
weekly through December last year.
For the week ending Jan. 7, 2010 the average interest rate on a 30-year, fixed-rate mortgage (FRM) came in at 5.09 percent, with an average 0.7 point, down from 5.14 percent last week, according to Freddie Mac's weekly Primary Mortgage Market Survey (PMMS).
One point is one percent of the total amount financed.
The current average 30-year FRM, is up from 5.01 percent a year ago, Freddie said.
The 15-year FRM this week averaged 4.50 percent with an average 0.7 point, also down slightly from last week when it averaged 4.54 percent. A year ago at this time, the 15-year FRM averaged 4.62 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.44 percent this week, with an average 0.6 point, unchanged from last week, but well off the 5.49 percent average a year ago.
Expect the year-to-year gap to narrow for ARM rates, but not before the second half of 2010, when the economy is expected to improve enough for Federal Reserve action.
"Current interest rates for fixed-rate mortgages are just about at their annual average for 2009, while ARM rates are considerably below their averages for last year," said Frank Nothaft, Freddie Mac vice president and chief economist.
He added, "As the economy strengthens further and the Federal Reserve decides to raise its overnight target rate, ARM rates will follow suit because they are typically tied to shorter-term interest rates."
Freddie Mac also reported the 1-year Treasury-indexed ARM averaged 4.31 percent this week, with an average 0.6 point, down from 4.33 percent last week and 4.95 percent a year ago.
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by Broderick Perkins
1/5/09 - Mortgage interest rates came in at 5.33 percent this week, the first of the New Year, remaining unchanged from the last report in 2009.
Calabasas, CA-based Informa Research Services' Interest Rate Review said for the week ending Jan. 5, 2009, the average fixed-rate mortgage (FRMs) on conforming 30-year loans, after rising all through December, was up from 5.26 percent a year ago.
For the week ending Jan. 5, Informa found the lowest FRM rate at 4.60 percent and the high average FRM interest rate at nearly 7 percent -- 6.96 percent. They were also unchanged from a week ago.
The average 15-year FRM was up to 4.75 percent, from 4.73 percent a week ago and down from 4.96 percent this time last year, according to Informa, a market research, analyses, and intelligence gathering service for the financial industry since 1983.
The average interest rate for the 5/1 adjustable rate mortgage (ARM) was also up slightly to 3.63 percent compared to 3.60 percent last week and well off the 4.28 percent last year at this time.
The FRM rates for 15- and 30-year mortgages and the 5/1 ARM rates are all based on a $200,000 purchase loan, with an 80 percent loan-to-value ratio, for an owner-occupied, single-family residence.
Informa's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators.
Informa also reported the average rate for 30-year, non-conforming jumbo loans dropped from 6.35 percent last week to 6.25 percent this week and 7.02 percent a year ago.
Jumbo average rates averaged from a low of 5.10 percent to a high of 10.46 percent -- a shopping-around spread of more than 5 percentage points.
The jumbo averages are based on a $450,000 purchase loan with an 80 percent loan-to-value ratio for an owner-occupied, single-family residence.
Rates were little changed for home equity lines of credit (HELOCs) of $50,000, with an 80 percent loan-to-value note. On Jan. 5, the variable rate came in at an average 4.99 percent, compared to 5 percent a week ago and 4.48 percent this time last year.
The average FRM rates on 15-year home equity loans of $50,000, with an 80 percent loan-to-value note came in at 7.48 percent, up from 7.45 percent late last year, but down from 7.88 percent a year ago.
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by Broderick Perkins
12/31/09 -- The average interest rate on a 30-year, fixed-rate mortgage (FRM) rose further above the 5 percent market to 5.14 percent this week, according to Freddie Mac's weekly Primary Mortgage Market Survey (PMMS).
For the week ending New Year's Eve, the rate comes with a 0.7 percent point. One point is one percent of the total amount financed.
"Although long-term mortgage rates rose for the fourth week in a row, they still remain affordable by historical standards," said Frank Nothaft, Freddie Mac vice president and chief economist.
"Based on today's median loan amount of $138,000, monthly principal and interest payments for a 30-year fixed-rate mortgage are close to one-third less than a decade ago when rates peaked at 8.6 percent in May 2000. This translates into almost 50 percent less in interest payments over the full 30-year term.
The current average 30-year FRM, at 5.14 percent, is up from 5.05 percent last week, and up from 5.10 percent a year ago, Freddie said.
The 15-year FRM this week averaged 4.54 percent with an average 0.7 point, also up from last week when it averaged 4.45 percent, but down from year ago at this time, when the 15-year FRM averaged 4.83 percent.
The 5-year Treasury-indexed hybrid ARM (adjustable rate mortgage) averaged 4.44 percent this week, with an average 0.6 point, nearly unchanged from the 4.40 percent average last week, but more than a full percentage point below 5.57 percent from a year ago.
The week ending Dec. 31, the 1-year Treasury-indexed ARM averaged 4.33 percent, plus an average 0.6 point. Last week the rate was 4.38 percent. Last year, the 1-year ARM averaged 4.85 percent.
Nothaft said, "Nationally, the housing market is slowly improving. House prices rose for the fifth consecutive month in October to the highest level since the beginning of 2009, according to the S&P/Case-Shiller® 20-city composite index. Eleven of the cities experienced positive growth."
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by Broderick Perkins
Jeff Howard, ERATE
(12/29/09) Single-digit jumps in mortgage rates for several weeks, gave way this week to larger increases in the cost of financing a home.
Mortgage interest rates jumped to an average 5.33 percent the week ending Dec. 29, up by 0.12 of a percent from 5.21 percent a week ago.
Compare that increase to those of recent weeks when rates rose only from 0.05 to 0.08 of a percent for fixed-rate mortgages (FRMs) on conforming 30-year loans, according to Calabasas, CA-based Informa Research Services' Interest Rate Review.
As the cost of home loans increases, the spread between current rates and rates a year ago is narrowing
A year ago the rate was 5.43 percent, little different from 5.33 percent this week.
If you've been sitting on the fence waiting for rates to fall more, you may have missed the boat.
Higher rates may be on the horizon, according to David Greenlaw, a Morgan Stanley economist. He says the 10 year Treasury yield will rise 40 percent to 5.5 next year -- unlike any increase since 1999. Tied to those yields, 30-year FRMs' interest rates will rise at least to 7.5 percent, Greenlaw told Bloomberg.
In the Dec. 29 report, Informa said the highest 30-year FRM, with an average annual percentage rate (APR) of 6.96 percent was unchanged from last week. The lowest average, 4.60 percent dropped from 4.85 percent a week ago, according to Informa, a market research, analyses, and intelligence gathering service for the financial industry since 1983.
The average 15-year FRM came in Dec. 29 at 4.73 percent, up from 4.63 percent a week ago, was down from 5.10 percent this time last year.
The average interest rate for the 5/1 adjustable rate mortgage (ARM) was also up to 3.60 percent this week from 3.57 percent a week ago, but down from 4.42 percent last year at this time.
The FRM rates for 15- and 30-year mortgages and the 5/1 ARM rates are all based on a $200,000 purchase loan, with an 80 percent loan-to-value ratio, for an owner-occupied, single-family residence.
Informa's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators.
Informa also reported the average rate for 30-year, non-conforming jumbo loans, 6.35 percent, rose from 6.27 percent a week ago. The jumbo rate remained well off the average 7.13 percent rate this time last year, but that gap is narrowing too.
The jumbo averages are based on a $450,000 purchase loan with an 80 percent loan-to-value ratio for an owner-occupied, single-family residence.
Rates were unchanged for home equity lines of credit (HELOCs) of $50,000, with an 80 percent loan-to-value note. Dec. 29, the variable rate came in at an average 5 percent, unchanged for several weeks, but up from 4.48 percent a year ago.
The average FRM rates on 15-year home equity loans of $50,000, with an 80 percent loan-to-value note came in at 7.45 percent about the same as 7.44 percent a week ago. This loan rate averaged 7.94 percent a year ago.
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by Broderick Perkins
12/24/09 The average interest rate on a 30-year, fixed-rate mortgage (FRM) rose another notch to 5.05 percent, surpassing the 5 percent mark for the first time since October, according to Freddie Mac's weekly Primary Mortgage Market Survey (PMMS).
For the week ending Christmas Eve, the rate comes with a 0.7 percent point. One point is one percent of the total amount financed.
The rate has been rising for several weeks now, following a five-week fall that left rates at a record low of 4.71 percent three weeks ago.
The current average 30 year FRM, at 5.05 percent, is up from 4.94 percent last week, but down from 5.14 percent a year ago, Freddie said.
The 15-year FRM this week averaged 4.45 percent with an average 0.6 point, also up from last week when it averaged 4.38 percent. A year ago at this time, the 15-year FRM averaged 4.91 percent.
"ARM (adjustable rate mortgage) rates increased by a lesser amount as the market consensus calls for no rate hikes by the Federal Reserve in the immediate future," said Freddie Mac's vice president and chief economist Frank Nothaft, in a prepared statement.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.40 percent this week, with an average 0.6 point, up from last week's 4.37 percent average, but way down from 5.49 percent a year ago.
The week ending Dec. 24, 1-year Treasury-indexed ARM averaged 4.38 percent, plus an average 0.6 point. Last week the rate was 4.34 percent. Last year, the 1-year ARM averaged 4.95 percent.
Nothaft said, "Meanwhile, the housing market continues to show improvement. Total existing home sales jumped 7.4 percent in November to an annualized pace of 6.54 million units, which was the most since February 2007."
He also said the number of unsold existing homes was the lowest since December 2006 and the number of unsold new homes was the least since April 1971, potentially leaving room in the near future for more new construction.
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by Broderick Perkins
Jeff Howard, ERATE
Mortgage interest rates moved up another notch for the third week in a row to an average 5.21 percent for fixed-rate mortgages (FRMs) on conforming 30-year loans, according to Calabasas, CA-based Informa Research Services' Interest Rate Review.
A year ago the rate was 5.51 percent.
In the Dec. 22 report, Informa said the highest 30 year fixed rate mortgage, with an average annual percentage rate (APR) of 6.96 percent was unchanged from last week. The lowest average, 4.85 percent, was up from 4.45 percent a week ago, according to Informa, a market research, analyses, and intelligence gathering service for the financial industry since 1983.
The average 15-year FRM came in Dec. 20 at 4.63 percent, down from 4.56 percent a week ago and down from 5.24 percent last year at this time.
The average interest rate for the 5/1 adjustable rate mortgage (ARM) was 3.57 percent compared to 3.55 percent a week ago. Last year at this time the rate was 4.45 percent.
The FRM rates for 15- and 30-year mortgages and the 5/1 ARM rates are all based on a $200,000 purchase loan, with an 80 percent loan-to-value ratio, for an owner-occupied, single-family residence.
Informa's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators.
Informa also reported the average rate for 30-year, non-conforming jumbo loans, 6.27 percent rose slightly from 6.16 percent a week ago. The jumbo rate remained well off the average 7.22 percent rate this time last year.
The jumbo averages are based on a $450,000 purchase loan with an 80 percent loan-to-value ratio for an owner-occupied, single-family residence.
For home equity lines of credit (HELOCs) of $50,000, with an 80 percent loan-to-value note, the variable rate came in at an average 5 percent, virtually unchanged for the past four weeks but up from 4.66 percent a year ago.
The average FRM rates on 15-year home equity loans of $50,000, with an 80
percent loan-to-value note came in at 7.44 percent, down from 7.45 percent a
week ago and 7.94 percent last year.
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by Broderick Perkins
Jeff Howard, ERATE
(12/15/09) Mortgage interest rates continued their upward trend this week, for the second week in a row, rising to 5.14 percent from 5.06 percent last week for fixed-rate mortgages (FRMs) on conforming 30-year loans.
Calabasas, CA-based Informa Research Services' Interest Rate Review revealed both the highest 30-year FRM, with an annual percentage rate (APR) of 6.96 percent, and the lowest, at 4.45 percent, likewise, remained little changed the week ending Dec. 15, compared to the previous week.
Informa, a market research, analyses, and intelligence gathering service for the financial industry since 1983, revealed the gap between the average 5.14 FRM now and a year ago, 5.47 percent, has narrowed.
The average 15-year FRM came in Dec. 15 at 4.56 percent, up a couple of notches from 4.53 a week ago, but down from 5.24 percent a year ago.
The average interest rate for the 5/1 adjustable rate mortgage (ARM), was 3.55 percent, virtually unchanged from last week, but down almost a full percentage point a year ago when it was 4.55 percent.
The FRM rates for 15- and 30-year mortgages and the 5/1 ARM rates are all based on a $200,000 purchase loan, with an 80 percent loan-to-value ratio, for an owner-occupied, single-family residence.
Informa's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators.
Informa also reported the average rate for 30-year, non-conforming jumbo loans, 6.16 percent rose slightly from 6.13 percent a week ago. The jumbo rate remained well off the average 7.20 percent rate this time last year.
The jumbo averages are based on a $450,000 purchase loan with an 80 percent loan-to-value ratio for an owner-occupied, single-family residence.
For home equity lines of credit (HELOCs) of $50,000, with an 80 percent loan-to-value note, the variable rate came in at an average 4.99 percent, unchanged for the past two weeks but up noticeably from 4.70 percent a year ago.
The average FRM rates on 15-year home equity loans of $50,000, with an 80 percent loan-to-value note came in at 7.45 percent, down from 7.60 percent a week ago and down from 8 percent a year ago, according to Informa's survey.
by Broderick Perkins
Jeff Howard, ERATE
(12/10/09) The average interest rate on a 30-year fixed-rate mortgage (FRM) inched up to 4.81 percent for the week ending December 10, 2009, compared to the record low 4.71
percent last week, according to Freddie Mac's weekly Primary Mortgage Market
Survey (PMMS).
The average rate includes an average 0.7 point. Each point is one percent of the financed amount.
The lowest rates were in the West where they averaged 4.78 percent.
Earlier this week, Calabasas, CA-basedInforma Research Services reported a similar reverse course in the cost of borrowing home financing money.
Frank Nothaft, Freddie Mac vice president and chief economist said the up tick was due to easing unemployment conditions and higher long-term bond yields.
"Notwithstanding, rates on 30-year fixed mortgages are almost 0.7 percentage points below those at the same time last year. This translates into an $81 lower monthly payment on a $200,000 conventional mortgage," Nothaft said in a prepared statement.
Freddie's PMMS also reported the 15-year FRM, this week averaged 4.32 percent with an average 0.6 point, also up from 4.27 percent last week but down from 5.20 percent a year ago.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.26 percent this week, with an average 0.5 point. Last week it averaged 4.19 percent; a year ago, 5.82 percent.
The 1-year Treasury-indexed ARM averaged 4.24 percent this week with an average 0.7 point, down slightly from last week's 4.25 percent average and 5.09 percent a year ago.
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by Broderick Perkins
Jeff Howard, ERATE
(12/8/09) After falling for several weeks, mortgage interest rates turned around this week, rising to 5.06 percent, from 5.01 percent a week ago for fixed-rate mortgages (FRMs) on conforming 30-year loans, according to Calabasas, CA-based Informa Research Services' Interest Rate Review.
However, both the highest 30-year FRM, with an annual percentage rate (APR) of 6.96 percent, and the lowest, at 4.32 percent, remained unchangedfor the past two weeks, according to Informa, a market research, analyses, and intelligence gathering service for the financial industry since 1983.
The average 30-year conforming FRM of 5.06 percent was down from a year ago when it was three-quarters of a percentage point higher at 5.58 percent.
The average 15-year FRM came in Dec. 8 at 4.53 percent, up from 4.51 a week ago, but down from 5.36 percent a year ago.
The average interest rate for the 5/1 adjustable rate mortgage (ARM), was 3.54 percent, also up from last week, but down from 4.62 percent a year ago.
The FRM rates for 15- and 30-year mortgages and the 5/1 ARM rates are all based on a $200,000 purchase loan, with an 80 percent loan-to-value ratio, for an owner-occupied, single-family residence.
Informa's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators.
Informa also reported the average rate for 30-year, non-conforming jumbo loans, 6.13 percent rose from 6.05 percent a week ago, for the second week in a row. Still it remained well off the 7.23 percent rate this time last year.
The jumbo averages are based on a $450,000 purchase loan with an 80 percent loan-to-value ratio for an owner-occupied, single-family residence.
For home equity lines of credit (HELOCs) of $50,000, with an 80 percent loan-to-value note, the variable rate came in at an average 4.99 percent, virtually unchanged from a week ago and up slightly from 4.97 percent a year ago.
Also relatively unchanged were average FRM rates on 15-year home equity loans of $50,000, with an 80 percent loan-to-value note. They came in at 7.60 percent, down just a tad from 7.61 percent last week and down from 8.09 percent a year ago, according to Informa's survey.
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by Broderick Perkins
Jeff Howard, ERATE
(12/3/09) Averaging 4.71 percent this week, fixed interest rate mortgages (FRMs) on 30-year conforming loans haven't been this low since Freddie Mac began its weekly survey in 1971.
Freddie's Mortgage Market Survey for the week ending Dec. 3 posted another record when the 15-year FRM averaged 4.27 percent, breaking last week's record low. This week's 15-year FRM average interest rate has never been this low since Freddie first included the 15-year FRM in its survey in 1991.
Frank Nothaft, Freddie Mac's chief economist said it's the fifth consecutive week the two rates have fallen. The rates also averaged one full percent point below averages at this time last year.
The 5-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged 4.19 percent, rising from 4.18 percent last week and 5.77 percent one year ago.
The 1-year Treasury-indexed ARM averaged 4.25 percent this week with an average 0.6 point, compared to 4.35 percent last week and 5.02 percent a year ago. The last time the 1-year ARM was this low was the week ending June 30, 2005, when it averaged 4.24 percent.
"Low mortgage rates and the cumulative decline in house prices have contributed to an extremely affordable housing market and helped spur home sales this year," said Nothaft.
New and existing home sales in October were 36 percent higher than their January low on a seasonally adjusted, annualized rate, according to the National Association of Realtors (NAR). Pending existing home sales also rose for the ninth straight month in October, representing the longest consecutive gain since the series began in 2001, NAR reported. |
