Mortgage Rates Fall Again

30 and 15-Year Mortgage Rates Hit New All-Time Record Lows

30-Year Fixed Rate Mortgages

Once again, 30-year fixed rate mortgages hit a new all-time record low. According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) the 30-year fixed-rate mortgage (FRM) averaged 3.79 percent for the week ending May 10, 2012 – down from last week when it averaged 3.83 percent. Last year at this time, the 30-year fixed rate mortgage averaged 4.61 percent.

15-Year Fixed Rate Mortgages

The 15-year FRM also reached a new all-time record low. The 15-year fixed rate mortgage averaged 3.04 percent for the week – down from last week when it averaged 3.05 percent. A year ago at this time, the 15-year FRM averaged 3.80 percent.

5-Year Adjustable Rate Mortgages

The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.83 percent – down last week when it averaged 2.81 percent. Last year at this time, the five-year ARM averaged 3.48 percent.

1-Year Adjustable Rate Mortgages

Also this week, the one-year Treasury-indexed ARM is up to 2.78 percent from 2.73 percent last week.  At this time last year, the one-year ARM averaged 3.15 percent.

Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac:

“The European debt crisis overshadowed improving economic indicators for the U.S. and allowed Treasury bond yields and fixed mortgage rates to ease for another week.  For instance, industrial production rose 1.1 percent in April — the largest gain since December 2010 — and consumer sentiment in May rose to its highest reading since January 2008, according to the University of Michigan.”

There is also good news in the home construction industry. Housing starts rose above the market consensus forecast and construction on single family homes increased to its strongest pace in three months. Homebuilder confidence also reached its highest level since January 2008 according to NAHB/Wells Fargo Housing Marketing Index.

Contact a licensed mortgage loan professional to take advantage of these historically low mortgage rates. Find an Inlanta Mortgage professional near you.

Original Source: Freddie Mac

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016.

Mortgage Rates Hit New All-Time Lows!

30 and 15-Year Mortgage Rates Hit New All-Time Record Lows

30-Year Fixed Rate Mortgages

30-year fixed rate mortgages hit a new all-time record low again this week. According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) the 30-year fixed-rate mortgage (FRM) averaged 3.83 percent for the week ending May 10, 2012 – down slightly from last week when it averaged 3.84 percent. Last year at this time, the 30-year fixed rate mortgage averaged 4.63 percent.

15-Year Fixed Rate Mortgages

The 15-year FRM also reached a new all-time record low. The 15-year fixed rate mortgage averaged 3.05 percent for the week – down from last week when it averaged 3.07 percent. A year ago at this time, the 15-year FRM averaged 3.82 percent.

5-Year Adjustable Rate Mortgages

The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.81 percent – down last week when it averaged 2.85 percent. Last year at this time, the five-year ARM averaged 3.41 percent.

1-Year Adjustable Rate Mortgages

Also this week, the one-year Treasury-indexed ARM is up to 2.73 percent from 2.70 percent last week.  At this time last year, the one-year ARM averaged 3.11 percent.

Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

“Following April’s weaker than expected employment report, and the French and Greek election results raising concerns over the stability of the Euro currency zone, long-term Treasury bond yields declined allowing fixed mortgage rates to ease to new all-time record lows this week. The economy added just 115,000 jobs, below the market consensus forecast and less than in March. And although the unemployment rate declined, it reflected fewer people actively seeking jobs.”

Contact a licensed mortgage loan professional to take advantage of these historically low mortgage rates. Find an Inlanta Mortgage professional near you.

Original Source: Freddie Mac

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016.

Mortgage Rates Hit New Record Lows!

30 and 15-Year Mortgage Rates Hit New All-Time Record Lows

30-Year Fixed Rate Mortgages

30-year fixed rate mortgages hit a new all-time record low. According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) the 30-year fixed-rate mortgage (FRM) averaged 3.84 percent for the week ending May 3, 2012 – down from last week when it averaged 3.88 percent. The previous all-time record low of 3.87 percent was registered on February 9,  2012. Last year at this time, the 30-year fixed rate mortgage averaged 4.71 percent.

15-Year Fixed Rate Mortgages

The 15-year FRM also reached a new all-time record low. The 15-year fixed rate mortgage averaged 3.07 percent for the week – down from last week when it averaged 3.12 percent.  The previous all-time record low of 3.11 percent was set April 12, 2012. A year ago at this time, the 15-year FRM averaged 3.89 percent.

5-Year Adjustable Rate Mortgages

The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) remained unchanged at 2.85 percent. Last year at this time, the five-year ARM averaged 3.47 percent.

1-Year Adjustable Rate Mortgages

Also this week, the one-year Treasury-indexed ARM is down to 2.70 percent from 2.74 percent last week.  At this time last year, the one-year ARM averaged 3.14 percent.

Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

“Signs of slowing economic growth and inflation remaining subdued allowed yields on Treasury bonds to ease somewhat and brought most mortgage rates to new all-time record lows this week. Real Gross Domestic Product rose at an annualized rate of 2.2 percent in the first quarter of this year, down from the previous quarter of 3.0 percent and below the market consensus forecast of 2.5 percent. In addition, the 12-month growth in the core price index of personal consumption expenditures was 2.0 percent in March which matches the Federal Reserve’s implied inflation target.”

Contact a licensed mortgage loan professional to take advantage of these historically low mortgage rates. Find an Inlanta Mortgage professional near you.

Original Source: Freddie Mac

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016.

Mortgage Rates Drop

15 Year Mortgage Rates Hit Record LowAccording to the Weekly Primary Mortgage Market Survey by Freddie Mac, the
15-year fixed-rate average dropped to a new all-time low of 3.11 percent. This rate is down from 3.21 percent last week and far lower than what it was one year ago at 4.13 percent.

The 30-year also came close to its record low of 3.87 (recorded in February), averaging 3.88 percent this week.  One year ago, the 30-year averaged 4.91 percent.

The 5-year and 1-year hybrid adjustable rates remained relatively unchanged from last week, currently averaging at 2.85 percent and 2.80 percent, respectively.

Vice president and chief economist for Freddie Mac, Frank Nothaft, pointed to last week’s weaker-than-expected employment report from the government as an explanation for the continued drop in the rates.

“Although the unemployment rate fell to the lowest reading since January 2009, the overall economy added just 120,000 new jobs in March, nearly half that of the market consensus forecast,” he said.

However, Nothaft pointed out that the Federal Reserve’s latest report showed that hiring was steady across most of its banking districts and that overall economic conditions were improving.

According to data released by RealtyTrac on Thursday, the number of foreclosure filings fell during the first quarter of 2012 to their lowest levels since the housing market began its collapse in 2007.

In other mortgage news, the chief regulator for Fannie Mae and Freddie Mac said Tuesday that new data indicates that it might make financial sense for the government-backed mortgage giants to reduce the loan balances of some struggling homeowners. However, according to the report, more study would be needed before every making such a move.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016.

 

Mortgage Rates & Other News

Mortgage Interest Rates
15-Year Fixed Rate Mortgages Hit All-Time Low

The average fixed rate on a 15-year mortgage fell nationally to an all-time low of 3.13 percent last week, Freddie Mac reported, while a traditional 30-year mortgage rate dipped to near-record low of 3.88 percent.

30-Year Fixed a Full Percentage Point Lower than 2011

According to Freddie Mac, 30-year fixed-rate mortgages didn’t break new records last week, but the average rate did fall to 3.88 percent from 3.90 percent the previous week. One year ago at this time, 30-year fixed mortgages averaged exactly one percent point higher – 4.88 percent.

Adjustable Rate Mortgages

Adjustable-rate mortgages (ARMs) showed mixed results accoding to Freddie Mac, with 5-year ARMs falling from 2.83 percent to 2.81 percent week-over-week and 1-year ARMs rising slightly from an average of 2.72 percent to 2.73 percent in the same time frame.

One year ago at this time, 5-year ARMs averaged 3.73 percent and 1-year ARMs averaged 3.21 percent.

Buying a home? Refinancing? To take advantage of low interest rates, contact a licensed mortgage loan officer near you to discuss your financing options.

Other Economic News

Bloomberg reports that household spending will get a lift from employment and income rises and partly from the fact that we have just seen 4th warmest winter on record in the 20th century. Why should weather matter? Well, reduced expenditures on energy bills mean more money for other expenses.

Reuters reports that, “The spending power of the American consumer is the secret sauce for turbo-charging a world economy that has entered an uncomfortable soft patch.” No pressure Americans, really.

But in all seriousness, we may be on the way to a rosy recovery as recent reports of new jobs and increasing consumer demand may indicate – but many are still concerned with lagging income growth, lagging consumption, higher prices and persistently high unemployment (still at 8.3%).

We wonder what will come of Federal Open Market Committee’s second scheduled meeting of the year and releases of Retail Sales, Producer Price Index, and Consumer Price Index. Coupled with information already available – these reports and forthcoming news from abroad will undoubtedly have economists on their toes.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016.