Category: mortgage rates

Fixed-rate mortgages climbed this week after signs of stronger consumer spending, Freddie Mac reports in its weekly mortgage market survey.

Here are the national averages for mortgage rates for the week ending May 16:

• 30-year fixed-rate mortgages averaged 3.51 percent, with an average 0.7 point, increasing from last week’s 3.42 percent average. A year ago at this time, 30-year rates averaged 3.79 percent.
• 15-year fixed-rate mortgages averaged 2.69 percent, with an average 0.7 point, rising from last week’s 2.61 percent average. Last year at this time, 15-year rates averaged 3.04 percent.
• 5-year adjustable-rate mortgages averaged 2.62 percent, with an average 0.5 point, rising from last week’s 2.58 percent average. Last year at this time, 5-year ARMs averaged 2.83 percent.
• 1-year ARMs averaged 2.55 percent, with an average 0.4 point, rising from last week’s 2.53 percent average. A year ago at this time, 1-year ARMs averaged 2.78 percent.

Despite record low rates, demand for purchase loans down from last year

By Inman News
Inman News®

Mortgage rates continued their descent into uncharted territory this week as investors seeking a safe haven from the European debt crisis snatched up bonds backed by mortgages, and the Federal Reserve continued programs intended to keep a lid on long-term interest rates.

Rates on 30-year fixed-rate mortgages averaged 3.67 percent with an average 0.7 point for the week ending June 7, down from 3.75 percent last week and 4.49 percent a year ago, Freddie Mac said in releasing the results of its Primary Mortage Market Survey. That’s a new record low in Freddie Mac records dating to 1971.

For 15-year fixed-rate mortgages, rates averaged 2.94 percent with an average 0.7 point, down from 2.97 percent last week and 3.68 percent a year ago. Rates on 15-year loans have never been lower in records dating to 1991.

More here.

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Tight lending standards remain a factor as spring buying season approaches

By Inman News
Inman News®
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Mortgage rates eased this week, remaining at or near record lows as the spring homebuying season approaches, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey.

While low rates boost affordability, many would-be buyers are still unable — or unwilling — to finance a home purchase.

“Fixed mortgage rates bottomed out in January and February of this year, which is helping spur the housing market,” said Frank Nothaft, Freddie Mac chief economist, in a statement. Pending sales of existing home rose in January to the strongest pace since April 2010, and sales figures for December saw upward revisions, he noted.

Testifying before the House Financial Services Committee on Wednesday, Federal Reserve Chairman Ben Bernanke noted that affordability has “increased dramatically” as a result of the decline in house prices and historically low mortgage rates.

More here.

Buying or selling real estate in Garrett County or Deep Creek Lake, Maryland? Call Jay Ferguson of Railey Realty for all of your real estate needs! I take great pride in referrals, and I assure you, I will take great care of your friends, family & colleagues!