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Archive for the ‘mortgages’ Category

Lower Mortgage Rates Reported by Freddie Mac

February 23rd, 2019 by Michael Mahoney

“Mortgage rates … [are] continuing the general downward trend that began late last year,” Khater says. “Wages are growing on par with home prices for the first time in years, and with more inventory available, spring home sales should help the market begin to recover from the malaise of the last few months.” Freddie Mac Chief Economist Sam Khater

Freddie Mac reports the following national averages for mortgage rates for the week ending Feb. 21:

  • 30-year fixed-rate mortgages: averaged 4.35 percent ,with an average 0.5 point, dropping from last week’s 4.37 percent average. Last year at this time, 30-year rates averaged 4.40 percent.
  • 15-year fixed-rate mortgages: averaged 3.78 percent, with an average 0.4 point, falling from last week’s 3.81 percent average. A year ago at this time, 15-year rates averaged 3.85 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 3.84 percent, with an average 0.3 point, falling from last week’s 3.88 percent average. A year ago, 5-year ARMs averaged 3.65 percent.
Source: Freddie Mac

What’s Your State’s Rate? Find Average Mortgage Rates By State

February 14th, 2019 by Michael Mahoney

Average Mortgage Rate by State

 

The average offered interest rate for all 50 states is 4.84 percent and the average offered loan amount is $224,297, the study found. But homeowners in California, New Jersey, Washington, and Massachusetts tend to snag the lowest interest rates. The average interest rate in California is 4.74 percent, followed by 4.75 percent in New Jersey and 4.76 percent in Washington and Massachusetts.

Find out What Mortgagees are Paying in Massachusetts

On the other hand, homeowners in New York, Iowa, and Arkansas tend to have the highest mortgage rates. In New York, the average mortgage rate is 4.96 percent, followed by 4.93 percent in Iowa and 4.92 percent in Arkansas. See full article here

Mortgage Rate Update by Glenn Cira of Prospect Mortgage

November 30th, 2016 by Michael Mahoney

Mortgage Rate Update by Glenn Cira of Prospect Mortgage
I wanted to send out a note regarding the recent spike in rates as this has been somewhat of a “violent” move since the election in early November. I included a chart below of the US Government 10YR Note , which mortgage rates are tied to, so you can see how dramatic the recent move has been. You will see in early October the yield was sitting around 1.60%, which at that time put a 30YR fixed rate mortgage at roughly 3.5%. Through October rates crept up on the government note to about 1.8%(that put 30yr fixed rates at roughly 3.625%-3.75% at the time) which is where it sat until the election. You will see in early November right after Trump was elected, rates spiked up and now the 10yr note yield sits at about 2.40%, which puts a 30yr fixed rate mortgage right now at 4.125%.

Glenn Cira Prospect Mortgage
 

 

 

 

 

 

 

The reason rates have spike off the election results is that Trumps economic policy is seen as pro-growth/inflationary. He wants to ramp up spending, while cutting taxes, which has concerns about an explosion of the federal deficit. Also his rhetoric on protectionist measures regarding global trade(keeping jobs here via import tariffs) would also be inflationary.

Hope this helps!
Glenn Cira
Loan Officer
NMLS# 695916
(508) 668-2687 Direct
(917) 734-3073 Cell
(877) 314-4029 Fax
Glenn.Cira@prospectmtg.com
www.myprospectmortgage.com/GCira

Reviews

5suzannechapman1208

I selected Mike after having a very unsuccessful experience with a previous broker. He had excellent ideas in helping to sell my house and continued to advertise it with a fresh perspective. His experience helped in a number of ways and I only wish we had... (more)

5goodlife99

This is the second property I have sold in Weymouth MA with Mike as my broker. He research the area and give you all the information you need to decide what to list your property for, so it sells timely. He also helps review and negotiate all offers and is... (more)

5SullyLemmons

We had been trying to sell our condo for well over a year and decided to give Mike a shot at it as he came well recommended. It was not easy for him but he persisted and had success. Even though it wasn't a big sale or profit for him, he acted as though it... (more)

Review Michael Mahoney on Zillow.com

Community Events

FREE Guided meditations, Tuesdays, 3-5p, every half hour.

Meditation in Boston

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Clinic: Essential Knots for the Outdoors

L.L.Bean Dedham Outing and Adventure Club

With the right knots, you can secure a kayak or canoe to the roof of a car, rig a rain tarp, or tie a boat to a dock. Our experts will show you the few key knots and hitches that every outdoor enthusiast should know. Save your spot at...

Improve Foraging: Propagate and Plant Edible Native Species!

Greater Boston Permaculture Guild

Join Russ Cohen, expert forager, to learn about the comestible qualities of at least two dozen species of edible wild plants native to the the Northeast, and go through the steps of propagating them in our own yards or landscapes near us. The...

Spring fling with friends

Men's Group of Jamaica Plain , Roslindale and West Roxbury

Join us at one of our favorite places ! Bring Spring in with our yearly Spring fling ! I have opened up 2 more seats. Please change RSVP if you have decided not to join us. Hope to see you all