Mortgage interest rates rise

The average rate on the 30-year fixed-rate mortgage (FRM) came in at 3.42 percent, with an average 0.7 point, the week ending May 9, according to Freddie Mac's weekly Primary Mortgage Market Survey.

Last week, the 30-year FRM averaged 3.35 percent. It was 3.83 percent a year ago.

Meanwhile, the average interest rate on the 15-year FRM was 2.61 percent, with an average 0.7 point, up from last week when it averaged 2.56 percent. A year ago, the 15-year FRM averaged 3.05 percent.

"Fixed mortgage rates edged up following a solid employment report for April. The economy gained 165,000 new jobs on net last month, more than the market consensus forecast and the largest monthly increase this year. On top of that, revisions added 114,000 more jobs to February and March as well. All of these factors allowed the unemployment rate to fall to 7.5 percent in April, the lowest since December 2008," says Frank Nothaft, vice president and chief economist at Freddie Mac.

For the 5-year Treasury-indexed hybrid adjustable rate mortgage (ARM), the average interest rate was 2.58 percent, with an average 0.5 point, up from 2.56 percent last week, and down from the average 2.81 percent a year ago.

Finally, for the week ending May 9, Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.53 percent, with an average 0.4 point was the only rate to drop down from 2.56 percent last week. It was also down from 2.73 percent a year ago.

Most benchmark mortgage rates up this week

by Broderick Perkins
DeadlineNews.Com

(5/7/2013) – Most major mortgage interest rates were on the rise this week, after other rate surveys saw rates fall to record lows for the past two weeks, according to the Erate Interest Rate Update.

Some buoyancy came from Wall Street investment markets. On a tear for the past week, the Dow closed on May 7 above 15,000 for the first time ever. Investors also pushed the S&P 500 to a new record of 1,625.96.

Meanwhile, the average on the major benchmark 30-year, conforming mortgage interest rate jumped to 3.63 percent the week ending May 7, up from 3.59 percent last week.

The 30-year rate ranged from 3.22 percent to 5.38 percent for the week. A year ago, the rate was 4.05 percent.

The average rate for the 15-year fixed rate mortgage (FRM) was also up from 2.79 percent last week to 2.83 percent, according to Erate.com, a financial information publisher and interest rate tracker since 1999.

The high and low 15-year FRM rates came in at 4.02 percent and 2.28 percent, respectively. A year ago, the rate averaged 3.26 percent.

Meanwhile, Erate reported the average interest rate for the 30-year jumbo loan ticked up to 3.87 percent, the week ending May 7, compared to 3.84 percent a week earlier. The rate was 4.48 percent a year ago and the spread ranged from 3.42 percent, at the low end, to 6.33 percent at the high end.

The average interest rate for the 5/1 ARM was unchanged at 2.88 percent. The lowest 5/1 ARM rate was 2.44 percent, and the high, 4.08 percent. The rate was 3.14 percent a year ago.

Home equity rates flat

The average variable rate on home equity lines of credit (HELOC) was also unchanged at 4.61 percent. The rate averaged 4.65 percent a year ago. The lowest HELOC rate was 2.50 percent and the high, 8.50 percent.

The average FRM rate on 15-year home equity loans, was likewise unchanged at 6.05 percent. Home equity rates ranged from 2.50 percent to 9.95 percent. The average was 6.35 percent a year ago.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators nationwide.

Mortgage rates continue run on record lows

by Corbin Perkins
DeadlineNews.Com

(5/2/2013) - Average interest rates for both the 15-year fixed rate mortgage (FRM) and the 5-year adjustable rate mortgage (ARM) fell to new record lows, both for the second consecutive week, according to Freddie Mac's weekly Primary Mortgage Market Survey for the week ending May 2.

Even as housing remains the economy's strongest cornerstone, rates were being pushed lower by overall economic performance that's below expectations, according to Frank Nothaft, vice president and chief economist of Freddie Mac.

"Mortgage rates eased somewhat following the release of the advance estimate of real Gross Domestic Product (GDP) growth for the first quarter of the year, which rose 2.5 percent, but fell short of the market consensus forecast," Nothaft said.

The economy may be limping along, but housing growth continues and appears permanent for the current cycle.

"Residential fixed investment … over the past eight consecutive quarters … contributed more than 0.3 percentage points in growth over the first three months of this year. Moreover, near record low mortgage rates should further drive the housing market recovery over the near term," Nothaft added.

Meanwhile, for the week ending May 2, the average rate on the 30-year FRM came in at 3.35 percent, with an average 0.7 point. That's just above the rate's all-time record low of 3.31 percent, set the week of November 21, 2012.

Last week, the 30-year FRM averaged 3.40 percent. It was 3.84 percent a year ago.

The average interest rate on the 15-year FRM was a new record low of 2.56 percent, with an average 0.7 point, down from last week when it averaged 2.61 percent. A year ago, the 15-year FRM averaged 3.07 percent.

For the 5-year Treasury-indexed hybrid ARM, the average interest rate was 2.56 percent, also a new record low, with an average 0.5 point, down from 2.58 percent last week, and down from the average 2.85 percent a year ago.

Finally, for the week ending May 2, Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.56 percent, with an average 0.3 point, down from 2.62 percent last week, and down from 2.70 percent a year ago.

Benchmark mortgage interest rates continue slide

(4/30/2013) – The average on the major benchmark 30-year, conforming mortgage interest rate slipped to 3.59 percent the week ending April 30, down from 3.64 percent last week, according to the Erate Interest Rate Update.

The 30-year rate ranged from 3.22 percent to 5.38 percent for the week. A year ago, the rate was 4.07 percent.

The average rate for the 15-year fixed rate mortgage (FRM) was also down to 2.79 percent, from 2.83 percent a week ago, according to Erate.com, a financial information publisher and interest rate tracker since 1999.

The high and low 15-year FRM rates came in at 4.02 percent and 2.25 percent, respectively, both also down from a week ago. A year ago, the rate averaged 3.31 percent.

Meanwhile, Erate reported the average interest rate for the 30-year jumbo loan ticked up to 3.84 percent, the week ending April 30, compared to 3.83 percent a week earlier. The rate was 4.48 percent a year ago and the spread ranged from 3.38 percent, at the low end, to 6.33 percent at the high end.

The average interest rate for the 5/1 ARM also came down to 2.88 percent, from 2.90 percent a week ago. The lowest 5/1 ARM rate was 2.44 percent, and the high, 4.08 percent. The rate was 3.14 percent a year ago.

Home equity rates mixed

The average variable rate on home equity lines of credit (HELOC) ticked up to 4.61 percent, after languishing at 4.60 percent for more than a month. The rate averaged 4.65 percent a year ago. The lowest HELOC rate was 2.50 percent and the high, 8.50 percent.

The average FRM rate on 15-year home equity loans, went the other way, ticking down to 6.05 percent after two weeks at 6.06 percent. Rates ranged from 2.50 percent to 9.95 percent. The average was 6.35 percent a year ago.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators nationwide.

Mixed economy pushes 15-year FRM and 5-year ARM to record lows

by Corbin Perkins
DeadlineNews.Com

(4/25/2013) – Falling prices at the pump weren't enough to offset the impact of the global economy running out of gas.

The average rate on the 30-year fixed-rate mortgage (FRM) came in at 3.40 percent, with an average 0.8 point, the week ending April 25, according to Freddie Mac's weekly Primary Mortgage Market Survey.

Last week, the 30-year FRM averaged 3.41 percent. It was 3.88 percent a year ago.

Meanwhile, gasoline prices fell 30 cents a gallon since the high of $3.80 a gallon earlier this year. Falling oil prices pushed down the price at the pump.

Capital Economics reported if prices slip below $3.40 a gallon this summer, as expected, consumers will have more money to spend on other items including cloths, electronics and entertainment.

That kind of good news would give interest rates a boost. However, the International Monetary Fund recently slashed it's outlook for global growth to only 3.3 percent – still a level seen as Pollyannaish.

Mortgage rates continued to fall, in some cases to new record lows.

The average interest rate on the15-year FRM fell to 2.61 percent, a new record low, with an average 0.7 point, down from last week when it averaged 2.64 percent. A year ago, the 15-year FRM averaged 3.12 percent.

For the 5-year Treasury-indexed hybrid adjustable rate mortgage (ARM), the average interest rate was 2.58 percent, also a new record low, with an average 0.5 point, down from 2.60 percent last week, and down from the average 2.85 percent a year ago.

Finally, for the week ending April 25, Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.62 percent, with an average 0.3 point, down from 2.63 percent last week, and down from 2.74 percent a year ago.

Home sales decline, low inflation push 30-year fixed rates closer to 3.5% mark

(4/23/2013) – The average on the major benchmark 30-year, conforming mortgage interest rate slipped to 3.64 the week ending April 23, after remaining at 3.66 percent for the previous two weeks, according to the Erate Interest Rate Update.

The decline came after news that home sales slipped 0.6 percent from February to March, according to the National Association of Realtors.

Meanwhile, Federal Reserve officials worried over the rate of inflation slipping to 1.3 percent.

"That's pretty low. I'm getting concerned about that, and I think that gives the FOMC (Federal Reserve Open Market Committee) some room to maneuver on its monetary policy," said St. Louis Federal Reserve Bank President James Bullard, during a recent Levy Economics Institute event.

The 30-year rate ranged from 3.29 percent to 5.38 percent for the week. A year ago, the rate was 4.07 percent.

The average rate for the 15-year fixed rate mortgage (FRM) was also down to 2.83 percent, from 2.86 percent a week ago, according to Erate.com, a financial information publisher and interest rate tracker since 1999.

The high and low 15-year FRM rates came in at 4.07 percent and 2.27 percent, respectively. A year ago, the rate averaged 3.31 percent.

Meanwhile, Erate reported the average interest rate for the 30-year jumbo loan also fell, to 3.83 percent, the week ending April 23, down from 3.85 percent. The rate was 4.50 percent a year ago. The spread ranged from 3.43 percent, at the low end, to 6.33 percent at the high end.

The average interest rate for the 5/1 ARM was unchanged at 2.90 percent. Also unchanged were the lowest 5/1 ARM rate, 2.44 percent, and the high, 4.10 percent. The rate was 3.14 percent a year ago.

Home equity rates mixed

The average variable rate on home equity lines of credit (HELOC) was unchanged at 4.60 percent for the fifth week in a row. The rate averaged 4.66 percent a year ago. The lowest HELOC rate was 2.50 percent and the high, 8.50 percent.

The average FRM rate on 15-year home equity loans was also unchanged from last week at 6.06 percent. Rates ranged from 2.50 percent to 9.95 percent. The average was 6.36 percent a year ago.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators nationwide.

Mortgage rates slip closer to record lows

by Corbin Perkins
DeadlineNews.Com

(4/18/2013) – The average rate on the 30-year fixed-rate mortgage (FRM) came in at 3.41 percent, with an average 0.7 point, the week ending April 18, according to Freddie Mac's weekly Primary Mortgage Market Survey.

Last week, the 30-year FRM averaged 3.43 percent. It was 3.90 percent a year ago.

Meanwhile, the average interest rate on the 15-year FRM was 2.64 percent, with an average 0.7 point, for the week ending April 18, down from last week when it averaged 2.65 percent. A year ago, the 15-year FRM averaged 3.13 percent.

For the 5-year Treasury-indexed hybrid adjustable rate mortgage (ARM), the average interest rate was 2.60 percent, with an average 0.5 point, also down from 2.62 percent last week, and down from the average 2.78 percent a year ago.

Finally, for the week ending April 18, Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.63 percent, with an average 0.4 point. It was the only rate to rise. It was up from 2.62 percent last week, and down from 2.81 percent a year ago.

Rates remain low, with mixed movement

(4/16/2013) – The average on the major benchmark 30-year, conforming mortgage interest rate was unchanged from last week at 3.66 the week ending April 16, according to the Erate Interest Rate Update.

The 30-year rate ranged from 3.31 percent to 5.38 percent for the week. A year ago, the rate was 4.09 percent.

The average rate for the 15-year fixed rate mortgage (FRM) ticked down to 2.86 percent, from 2.87 percent a week ago, according to Erate.com, a financial information publisher and interest rate tracker since 1999.

The high and low 15-year FRM rates came in at 4.11 percent and 2.27 percent, respectively. A year ago, the rate averaged 3.32 percent.

Meanwhile, Erate reported the average interest rate for the 30-year jumbo loan also fell, to 3.85 percent, the week ending April 16, down from 3.91 percent. The rate was 4.51 percent a year ago. The spread ranged from 3.31 percent, at the low end, to 6.33 percent at the high end.

The average interest rate for the 5/1 ARM ticked up again to 2.90 percent, from 2.89 percent last week. The lowest 5/1 ARM rate this week was 2.44 percent and the high, 4.10 percent. The rate was 3.14 percent a year ago.

Home equity rates mixed

The average variable rate on home equity lines of credit (HELOC) was unchanged at 4.60 percent for the fourth week in a row. The rate averaged 4.66 percent a year ago. The lowest HELOC rate was 2.50 percent and the high, 8.50 percent.

The average FRM rate on 15-year home equity loans slipped for the second week, falling to 6.06 percent, down from 6.12 percent last week. Rates ranged from 2.50 percent to 9.95 percent. The average was 6.38 percent a year ago.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators nationwide.

Continued lackluster job market pushes mortgage rates lower

by Corbin Perkins
DeadlineNews.Com

(4/11/2013) – With the economy producing fewer jobs than it's losing and more workers leaving the workforce, mortgage rates have no where to go but down.

The average rate on the 30-year fixed-rate mortgage (FRM) came in at 3.43 percent, with an average 0.8 point, the week ending April 11, according to Freddie Mac's weekly Primary Mortgage Market Survey.

Last week, the 30-year FRM averaged 3.54 percent. It was 3.88 percent a year ago.

Meanwhile, the average interest rate on the 15-year FRM was 2.65 percent, with an average 0.7 point, for the week ending April 11, down from last week when it averaged 2.74 percent. A year ago, the 15-year FRM averaged 3.11 percent.

"Mortgage rates fell further this week following a lackluster employment report for March. The economy added just 88,000 net new jobs last month, about one-third as many as February and the fewest since June 2012," said Frank Nothaft, vice president and chief economist of Freddie Mac.

"In addition, approximately 496,000 people left the workforce causing the unemployment rate to fall to 7.6 percent. Further, average hourly earnings were unchanged in March, indicating income growth remains tepid," he added

What's more, while the national unemployment rate has fallen from 8.2 percent to 7.6 percent over the past year, the averagerate for the 372 metropolitan areas tracked by the U.S. Bureau of Labor Statistics remains at 8.1 percent.

For the 5-year Treasury-indexed hybrid adjustable rate mortgage (ARM), the average interest rate was 2.62 percent, with an average 0.5 point, down from 2.65 percent last week and down from the average 2.85 percent a year ago.

Finally, for the week ending April 11, Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.62 percent, with an average 0.3 point, down a notch from 2.63 percent last week, and down from 2.80 percent a year ago.

Benchmark 30-year mortgage rate edges nearer 3.5%

by Broderick Perkins
DeadlineNews.Com

(4/9/2013) – After falling for the fourth consecutive week, the average on the major benchmark 30-year, conforming mortgage interest rate fell to 3.66 percent, down from 3.78 percent, the week ending April 9, according to the Erate Interest Rate Update.

The 0.12 percentage point difference was the fourth consecutive weekly drop and one of the largest slips this year. the 30-year rate ranged from 3.34 percent to 5.38 percent for the week. A year ago, the rate was 4.13 percent.

The average rate for the 15-year fixed rate mortgage (FRM), down nearly as much, dropped to 2.87 percent, from 2.97 percent a week ago, according to Erate.com, a financial information publisher and interest rate tracker since 1999.

The high and low 15-year FRM rates came in at 4.11 percent and 2.32 percent, respectively. A year ago, the rate averaged 3.36 percent.

Meanwhile, Erate reported the average interest rate for the 30-year jumbo loan fell to 3.91 percent, the week ending April 9, down from 4.03 percent. The rate was 4.57 percent a year ago. The spread ranged from 3.3 percent, at the low end, to 6.33 percent at the high end.

The average interest rate for the 5/1 ARM ticked down to 2.89 percent, from 2.90 percent last week. The lowest 5/1 ARM rate this week was 2.45 percent and the high, 4.10 percent. The rate was 3.16 percent a year ago.

Home equity rate movement varied

The average variable rate on home equity lines of credit (HELOC) was unchanged at 4.60 percent for the third week in a row. The rate averaged 4.65 percent a year ago. The lowest HELOC rate was 2.50 percent and the high, 8.50 percent.

The average FRM rate on 15-year home equity loans continued to inch down, falling to 6.11 percent, down from 6.13 percent last week. Rates ranged from 2.50 percent to 9.95 percent. The average was 6.38 percent a year ago.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators nationwide.

Anemic economy puts downward pressure on benchmark mortgage rates

by Corbin Perkins
DeadlineNews.Com

(4/4/2013) – The anemic economy is still causing hundreds of thousands of workers to lose jobs every week and that's contributing to the downward pressure on mortgage interest rates.

The average rate on the 30-year fixed-rate mortgage (FRM) came in at 3.54 percent, with an average 0.8 point, the week ending April 4, according to Freddie Mac's weekly Primary Mortgage Market Survey.

Last week, the 30-year FRM averaged 3.57 percent. It was 3.98 percent a year ago.

Meanwhile, the average interest rate on the 15-year FRM was 2.74 percent, with an average 0.7 point, for the week ending April 4, down from last week when it averaged 2.76 percent. A year ago, the 15-year FRM averaged 3.21 percent.

Economic analysts expected the number of initial claims for unemployment benefits to drop to 345,000, but the U.S. Labor Department reported 385,000 people filed for those initial jobless benefits this week.

For the 5-year Treasury-indexed hybrid adjustable rate mortgage (ARM), the average interest rate was 2.65 percent, with an average 0.5 point, down from 2.68 percent last week, and down from the average 2.986 percent a year ago.

Finally, for the week ending April 4, Freddie Mac reported the only rate to rise was the 1-year Treasury-indexed ARM. It averaged 2.63 percent, with an average 0.4 point, up from 2.62 percent last week, and down from 2.78 percent a year ago.

Most benchmark mortgage interest rates inch down for third week

Broderick Perkins
DeadlineNews.Com

(4/2/2013) – Consumer confidence continued to worry down mortgage rates as many rates fell for the third consecutive week, according to the Erate Interest Rate Update for the week ending April 2.

The average 30-year, conforming mortgage interest rate fell to 3.78 percent, down from 3.80 percent, the week ending April 2.

Erate reported the 30-year rate ranged from 3.34 percent to 5.38 percent for the week. A year ago, the rate was 4.19 percent.

The average rate for the 15-year fixed rate mortgage (FRM), 2.97 percent, off a notch from 2.98 percent a week ago, according to Erate.com, a financial information publisher and interest rate tracker since 1999.

The high and low 15-year FRM rates came in at 4.11 percent and 2.52 percent, respectively and both down from a week ago. A year ago, the rate averaged 3.45 percent.

Interest rate movement is following consumers' doubts about the economy.

The Conference Board's Consumer Confidence index fell to 59.7 in March from 68 in February.

The 59.7 reading is well off the 92.86 average from 1967 until 2013 and far below the all time high of 144.70 in January of 2000. It's also almost half the numerous above 100 readings spanning much of the period from 2006 to 2007, at the peak of the last housing boom.

Meanwhile, Erate reported the average interest rate for the 30-year jumbo loan remained unchanged at 4.03 percent, for the week ending April 2. The rate was 4.74 percent a year ago. The spread ranged from 3.45 percent, at the low end, to 6.33 percent at the high end, unchanged from last week.

The average interest rate for the 5/1 ARM came down to 2.90 percent, from 2.91 percent last week. The lowest 5/1 ARM rate this week was 2.42 percent and the high 4.10 percent. The rate was 3.18 percent a year ago.

Home equity rates flat

The average variable rate on home equity lines of credit (HELOC) was unchanged at 4.60 percent for the second week in a row. The rate averaged 4.66 percent a year ago. The lowest HELOC rate was 2.50 percent and the high, 8.50 percent.

The average FRM rate on 15-year home equity loans moved for the first time in four weeks, rising to 6.13 percent, up from 6.12 percent for the past four week. Rates ranged from 2.50 percent to 9.95 percent. The average was 6.40 percent a year ago.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators nationwide.

Mortgage interest rates on a roller coaster ride

by Broderick Perkins
DeadlineNews.Com

(3/28/2013) – Mortgage interest rates remain in record low territory, but they are taking the market on a roller-coaster ride, down one week, up the next.

This week they took a ride up, but generally remain flat.

The average rate on the 30-year fixed-rate mortgage (FRM) came in at 3.57 percent, with an average 0.8 point, the week ending March 28, according to Freddie Mac's weekly Primary Mortgage Market Survey.

Last week, the 30-year FRM averaged 3.54 percent. It was 3.99 percent a year ago.

Despite this year's ups and downs, the rate has remained below 4 percent for more a year, boosting the housing recovery.

Meanwhile, the average interest rate on the 15-year FRM was 2.76 percent, with an average 0.7 point, for the week ending March 28, up from last week when it averaged 2.72 percent. A year ago, the 15-year FRM averaged 3.23 percent.

For the 5-year Treasury-indexed hybrid adjustable rate mortgage (ARM), the average interest rate was 2.68 percent, with an average 0.6 point, up from 2.61 percent last week, and down from the average 2.90 percent a year ago.

Finally, for the week ending March 28, Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.62 percent, with an average 0.3 point, down from 2.63 percent last week, and down from 2.78 percent a year ago.

Most benchmark mortgage interest rates inch down for second week

(3/26/2013) – Consumer confidence worried mortgage rates down this week as many rates fell for the second consecutive week, according to the Erate Interest Rate Update for the week ending March 26.

The average 30-year, conforming mortgage interest rate fell to 3.80 percent, down from 3.81 percent, the week ending March 26.

Erate reported the 30-year rate ranged from 3.34 percent to 5.38 percent for the week. A year ago, the rate was 4.22 percent.

The average rate for the 15-year fixed rate mortgage (FRM), 2.98 percent, was also down, from 2.95 percent a week ago, according to Erate.com, a financial information publisher and interest rate tracker since 1999.

The high and low 15-year FRM rates came in at 4.20 percent and 2.54 percent, respectively. A year ago, the rate averaged 3.44 percent.

Interest rate movement is following consumers' doubts about the economy.

The Conference Board's Consumer Confidence index fell to 59.7 in March from 68 in February.

The 59.7 reading is well off the 92.86 average from 1967 until 2013 and far below the all time high of 144.70 in January of 2000. It's also almost half the numerous above 100 readings spanning much of the period from 2006 to 2007, at the peak of the last housing boom.

Meanwhile, Erate reported the average interest rate for the 30-year jumbo loan ticked down to 4.03 percent, for the week ending March 26, from 4.04 percent, a week earlier. The rate was 4.73 percent a year ago. The spread ranged from 3.45 percent, at the low end, to 6.33 percent at the high end.

The average interest rate for the 5/1 ARM inched up to 2.91 percent, from 2.90 percent last week. The lowest 5/1 ARM rate this week was 2.42 percent and the high 4.08 percent. The rate was 3.19 percent a year ago.

The average variable rate on home equity lines of credit (HELOC) was unchanged at 4.60 percent this week. The rate averaged 4.66 percent a year ago. The lowest HELOC rate was 2.50 percent and the high, 8.50 percent.

The average FRM rate on 15-year home equity loans was unchanged for the third consecutive week at 6.12 percent. Rates ranged from 2.50 percent to 9.95 percent. The average was 6.40 percent a year ago.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators nationwide.

Freddie Mac: Spring economy brings lower mortgage rates

by Corbin Perkins
DeadlineNews.Com

(3/21/2013) - Freddie Mac's March Outlook calls for 30-year fixed mortgage rates to remain below 4 percent all year and interest rates cooperated this week, dipping near the 3.5 percent mark.

The average rate on the 30-year fixed-rate mortgage (FRM) came in at 3.54 percent, with an average 0.8 point, the week ending March 21, according to Freddie Mac's weekly Primary Mortgage Market Survey.

Last week, the 30-year FRM averaged 3.63 percent. It was 4.08 percent a year ago.

"Low and stable inflation is placing downward pressure on fixed mortgage rates. Annual growth in the consumer price index has remained at or below 2 percent for the past four months, and for the producer price index, even lower," said Frank Nothaft, vice president and chief economist at Freddie Mac.

"This, in part, is why the Federal Reserve monetary policy committee on March 20th lowered the upper end of its inflation forecast for 2013," Nothaft added.

Meanwhile, the average interest rate on the 15-year FRM was 2.72 percent, with an average 0.7 point, for the week ending March 21, down from last week when it averaged 2.79. A year ago, the 15-year FRM averaged 3.30 percent.

For the 5-year Treasury-indexed hybrid adjustable rate mortgage (ARM), the average interest rate was 2.61 percent, with an average 0.6 point, unchanged from last week, and down from the average 2.96 percent a year ago.

Finally, for the week ending March 21, Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.63 percent, with an average 0.4 point, down from 2.64 percent last week, and down from 2.84 percent a year ago.

Benchmark mortgage interest rates seesaw back down

by Broderick Perkins

(3/19/2013) – Mortgage rates continued their up-one-week-down-the-next trend, unable, like consumers, to get a fix on the economy, according to the Erate Interest Rate Update for the week ending March 19.

The average 30-year, conforming mortgage interest rate fell to 3.81 percent, down from 3.88 percent, the week ending March 19.

Erate reported the 30-year rate ranged from 3.32 percent to 5.38 percent for the week. A year ago, the rate was 4.23 percent.

The average rate for the 15-year fixed rate mortgage (FRM), 2.95 percent, also fell, from 3.02 percent a week ago, according to Erate.com, a financial information publisher and interest rate tracker since 1999.

The high and low 15-year FRM rates came in at 4.20 percent and 2.34 percent, respectively. A year ago, the rate averaged 3.47 percent.

Interest rate see-sawing mirrors consumers' doubts about the economy.

In a CNN/ORC poll of consumers, 55 percent of those surveyed said it would be a bad idea, while 43 percent thought it would be a good idea to invest in stocks if they had $1,000 to spend.

The poll was conducted immediately after eight consecutive days of record high closes for the Dow Industrial average.

Despite the housing recovery, improved employment and wages, the poll also found that only 31 percent of consumer thought the economy was either good or very good, while 69 percent said the economy was either poor or very poor.

It's not surprising mortgage interest rates don't know which way is up – or down.

Meanwhile, Erate reported the average interest rate for the 30-year jumbo loan came down to 4.04 percent, for the week ending March 19, from 4.10 percent, a week earlier. The rate was 4.73 percent a year ago. The spread ranged from 3.42 percent, at the low end, to 6.33 percent at the high end.

Also, the average interest rate for the 5/1 ARM came in at 2.90 percent, down from 2.93 percent last week. The lowest 5/1 ARM rate this week was 2.42 percent and the high 4.08 percent. The rate was 3.22 percent a year ago.

Home equity rates flat

The average variable rate on home equity lines of credit (HELOC) dropped a notch from 4.61 percent last week to 4.60 percent this week. The rate averaged 4.66 percent a year ago. The lowest HELOC rate was 2.50 percent and the high, 8.50 percent.

The average FRM rate on 15-year home equity loans remained flat at 6.12 percent for the second consecutive week. Rates ranged from 2.50 percent to 9.95 percent. The average was 6.40 percent a year ago.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators nationwide.

Strengthening economy pushes up most mortgage rates

(3/14/2013) – More jobs and an increase in retail sales both helped offset the economic impact of the end of the payroll tax holiday and helped boost rates higher.

The average rate on the 30-year fixed-rate mortgage (FRM) was up to 3.63 percent, with an average 0.8 point, the week ending March 14, compared to last week's 3.52 percent average, according to Freddie Mac's weekly Primary Mortgage Market Survey.

Last year at this time, the rate averaged 3.92 percent.

The average interest rate on the 15-year FRM was also up, to 2.79 percent, with an average 0.8 point, compared to 2.76 last week. A year ago, the 15-year FRM averaged 3.16 percent.

"Fixed mortgage rates rose this week on stronger signs of jobs growth and consumer spending. The economy added 236,000 new workers in February which helped push down the unemployment rate to 7.7 percent," said Frank Nothaft, vice president and chief economist at Freddie Mac.

"This helped offset the effects of the payroll tax holiday expiration and led to a 1.1 percent increase in retail sales, which was well above the market consensus forecast," Nothaft added.

For the 5-year Treasury-indexed hybrid adjustable rate mortgage (ARM), the average interest rate was 2.61 percent, with an average 0.6 point, down from 2.63 last week, and down from the average 2.83 percent a year ago.

Finally, for the week ending March 14, Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.64 percent, with an average 0.3 point, up from 2.63 percent last week, and down from 2.79 percent a year ago.

Benchmark mortgage interest rates rise, home equity rates flat

(3/12/2013) – Economic growth, especially in the employment sector, sent all four benchmark mortgage rates up the week ending March 12, according to the Erate Interest Rate Update.

The average 30-year mortgage interest rate rose to 3.88 percent, up from 3.72 percent last week.

Erate reported the 30-year conforming rate ranged from 3.32 percent to 5.38 percent for the week. A year ago, the rate was 4.13 percent.

Meanwhile, the average rate for the 15-year fixed rate mortgage (FRM) also rose to 3.02 percent, up from 2.94 percent last week, according to Erate.com, a financial information publisher and interest rate tracker since 1999.

The high and low 15-year FRM rates were also both up to 5.08 percent and 2.55 percent, respectively. A year ago, the rate averaged 3.38 percent.

Rates rose on good economic news

Rates were buoyed by the U.S. economy adding 236,000 jobs in February, according, much stronger than in January's addition of 119,000 workers, according to the U.S. Labor Department.

The gains, pushing the unemployment rate down to 7.7 percent, were broad-based with offices, restaurants and hospitals adding jobs, but construction gave the economy a big boost.

The housing construction industry added 48,000 new jobs in February and 151,000 jobs over the last five months. That's the industry's best hiring boost since the 2006 housing bubble.

Meanwhile, Erate reported the average interest rate for the 30-year jumbo loan moved up to 4.10 percent, for the week ending March 12, from 4.02 percent, a week earlier. The rate was 4.64 percent a year ago. The spread ranged from 3.45 percent, at the low end, to 6.33 percent at the high end.

Also finally moving up was the average interest rate for the 5/1 ARM. It came in at 2.93 percent, the week ending March 12, up from 2.91 percent last week. The lowest 5/1 ARM rate this week was 2.42 percent and the high 4.08 percent. The rate was 3.17 percent a year ago.

Home equity rates flat

The average variable rate on home equity lines of credit (HELOC) was unchanged at 4.61 percent. The rate averaged 4.66 percent a year ago. The lowest HELOC rate was 2.50 percent and the high, 8.50 percent.

The average FRM rate on 15-year home equity loans was also flat at 6.12 percent, the week ending March 12. Rates ranged from 2.50 percent to 9.95 percent. The average was 6.42 percent a year ago.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators nationwide.

Mortgage rates unexpectedly mixed this week

(3/7/2013) – While the Erate Update for March 5 saw the mixed economy pushing all benchmark rates down, Freddie Mac revealed a mixed bag of interest rates.

The average rate on the 30-year fixed-rate mortgage (FRM) came in at 3.52 percent, with an average 0.7 point, the week ending March 7, according to Freddie Mac's weekly Primary Mortgage Market Survey.

That was up from last week's 3.51 percent average. A year ago, the rate averaged 3.88 percent.

The average interest rate on the 15-year FRM was 2.76 percent, with an average 0.7 point, unchanged from last week. A year ago, the 15-year FRM averaged 3.13 percent.

On the other hand, for the 5-year Treasury-indexed hybrid adjustable rate mortgage (ARM), the average interest rate was 2.63 percent, with an average 0.5 point, up from 2.61 percent last week, and down from the average 2.81 percent a year ago.

Finally, for the week ending March 7, Freddie Mac reported the 1-year Treasury-indexed ARM averaged 2.63 percent, with an average 0.3 point, down from 2.64 percent last week, and down from 2.73 percent a year ago.

Benchmark mortgage interest rates trend down

(3/5/2013) – Widely mixed economic indicators left mortgage interest rates with nowhere to go but down.

All four benchmark mortgage rates dropped, the week ending March 5, including the 15-year fixed rate mortgage (FRM) and the 5/1 adjustable rate mortgage (ARM).

Both had been stubbornly stuck since early February, according to the Erate Interest Rate Update.

The average 30-year mortgage interest rate dropped to 3.72 percent, down from last week's 3.76 percent average.

Erate said the 30-year conforming rate ranged from 3.32 percent to 5.38 percent for the week. A year ago, the rate was 4.14 percent.

Meanwhile, the average rate for the 15-year fixed rate mortgage (FRM) finally dropped to 2.94 percent, after being stuck at 2.98 percent for the past month, according to Erate.com, a financial information publisher and interest rate tracker since 1999.

The high and low 15-year FRM rates were 4.61 percent and 2.52 percent, respectively. A year ago, the rate averaged 3.39 percent, according to Erate.

Rates fell on widely mixed economic indicators.

On the upside, existing and new homes sales rose in January, building permits hit their highest level in four years and the bull ran the stock market as the Dow Jones average reached its highest level since 2007.

On the downside, Fiscal Cliff II arrived with government spending cuts, the payroll tax got a hike and gas prices, now due to fall, rose 10 percent in February.

Meanwhile, Erate reported the average interest rate for the 30-year jumbo loan moved down to 4.02 percent, for the week ending March 5, from 4.08 percent, a week earlier. The rate was 4.64 percent a year ago. The spread ranged from 3.42 percent, at the low end, to 6.33 percent at the high end.

Also finally moving down was the average interest rate for the 5/1 ARM. It came in at 2.94 percent, the week ending March 5 after sticking at 2.98 percent for four weeks. The lowest 5/1 ARM rate this week was 2.42 percent and the high 4.08 percent. The rate was 3.17 percent a year ago.

Home equity rates rise

On the other hand, both home equity rates were on the rise.

The average variable rate on home equity lines of credit (HELOC), at 4.61 percent was up from an average 4.60 percent last week. The rate averaged 4.68 percent a year ago. The lowest HELOC rate was 2.50 percent and the high, 8.50 percent.

The average FRM rate on 15-year home equity loans was up to 6.12 percent, compared to 6.10 percent a week ago. Rates ranged from 2.50 percent to 9.95 percent. The average was 6.43 percent a year ago.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators nationwide.