Mortgage Rates Move Down Slightly

Mortgage Rates Little Changed
 

Mortgage Rates Move Down Slightly

Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) showing average fixed mortgage rates moving down slightly and remaining near their 2015 lows as the spring home buying season continues.

30-Year Fixed Rate Mortgages

According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages averaged 3.65 percent, down slightly from last week when it averaged 3.67 percent. A year ago at this time, the 30-year FRM averaged 4.33 percent.

15-Year Fixed Rate Mortgages

The average 15-year fixed rate mortgage averaged 2.92 percent, also down slightly from last week when it averaged 2.94 percent. A year ago at this time, the 15-year FRM averaged 3.39 percent.

5-Year Adjustable Rate Mortgages

The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged 2.84 percent, down from last week when it averaged 2.88 percent. A year ago, the 5-year ARM averaged 3.03 percent.

1-Year Adjustable Rate Mortgages

The average one-year Treasury-indexed ARM is at 2.44 percent, is also down slightly from last week when it averaged 2.46. At this time last year, the 1-year ARM averaged 2.44 percent.

Contact a licensed mortgage loan professional to take advantage of mortgage rates while they are still historically low. Find a loan officer near you or apply online for a mortgage loan and we will redirect your application to a qualified loan professional near you.

Attributed to Len Kiefer, deputy chief economist, Freddie Mac:

“Mortgage rates fell slightly to 3.65 percent this week, positive news for potential homebuyers in the market this spring. Purchase applications in 60 of the 100 markets that MiMi tracks are up from the same time last year, including 20 markets that are showing double-digit increases. Reinforcing this positive momentum, existing home sales surged 6.1 percent to a seasonally adjusted annual rate of 5.19 million units in March, the highest annual rate since September 2013. Housing inventory rose 5.3 percent to 2 million homes for sale, but unsold inventory was little changed at a 4.6 month supply.”

Original Source: Freddie Mac interest rates listed above are national averages as reported by Freddie Mac. Individual interest rates are dependent upon credit approval and may include points. Average mortgage points are also reported in Freddie Mac’s Primary Mortgage Market Survey. Other mortgage financing fees may apply. Contact your lender for detailed information.

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Mortgage Rates Fall – Refinancing on the Rise, Homes More Affordable

Many homeowners are taking advantage of record low mortgage rates. According to the Mortgage Bankers Association, refinance application volume has increased by 63% over the past month – up 21.7% from last week. If you own a home, have a good job, and can qualify for a mortgage – refinancing has the potential to reduce the amount you pay in interest over the life of your loan, reduce you monthly mortgage payments, and whittle down your principal mortgage balance faster. Obviously not every homeowner is in the same boat – so our licensed professional mortgage loan officers are ready to help you determine if you are in a good position to refinance.

S & P’s downgrade of the U.S.’s credit rating, the subsequent drop in stock market values, and European debt concerns have contributed to record low mortgage rates. Freddie Mac’s weekly survey of conforming interest rates lists 30-year fixed-rate mortgage rates at 4.32% for the week ending August 11th (today).  According to the National Association of Realtors affordability index – homes have never been more affordable than any other time since the group began keeping track.

Refinance? New Purchase? For more information, contact an Inlanta Mortgage Loan Officer here or locate a branch near you here.

Mortgage Rates are Historically Low!

Fifteen-year fixed rate mortgages and five-year adjustable rate mortgages hit record lows this week due to speculation that the U.S. economy is weaker than previously thought.

According to Freddie Mac, mortgage rates are averaging 3.54 percent compared to 3.66 percent last week and 3.95 percent one year ago. Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 3.18 percent, down from 3.25 percent last week and 3.63 percent a year ago. Rates on 30-year fixed-rate mortgages also fell, averaging 4.39 percent, their lowest level for 2011.

Many people aren’t taking advantage of low rates because they fear they will not qualify as a result of stricter financing requirements. Other people feel that prices have yet to bottom out. If you are considering a mortgage, it may be best to consult a professional mortgage loan officer to see what the scoop really is. Every person’s situation is unique and there are many mortgage loan products. A professional can help you discover what options are best suited to your needs.

Consult a qualified mortgage loan officer for more details on mortgage loans and rates. Rates are subject to change at any time.  To speak with an Inlanta Mortgage Loan Officer contact us here.