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Archive for the ‘mortgages’ Category

Mortgage Rates Are Dropping Again

October 16th, 2019 by Michael Mahoney

Mortgage Rates Are Dropping Again

From NAR Magazine on October 11, 2019

 

Freddie Mac reports the following national averages with mortgage rates for the week ending Oct. 10:

  • 30-year fixed-rate mortgages: averaged 3.57%, with an average 0.6 point, falling from last week’s 3.65% average. Last year at this time, 30-year rates averaged 4.90%.
  • 15-year fixed-rate mortgages: averaged 3.05%, with an average 0.5 point, falling from last week’s 3.14% average. A year ago, 15-year rates averaged 4.29%.
  • 5-year hybrid adjustable-rate mortgages: averaged 3.35%, with an average 0.3 point, dropping from last week’s 3.38% average. A year ago, 5-year ARMs averaged 4.07%.

 

National Mortgage Rates Down for End of the Week

August 26th, 2019 by Michael Mahoney

Recent Mortgage Rates According to Freddie Mac

Excerpt from National Association of Realtors on 22 August 2019

The 30-year fixed-rate mortgage averaged 3.55% this week, the lowest average since November 2016, Freddie Mac reports. The lower mortgage rates are boding well for the housing market.

“The drop in mortgage rates continues to stimulate the real estate market and the economy,” says Sam Khater, Freddie Mac’s chief economist. “Home purchase demand is up five percent from a year ago and has noticeably strengthened since the early summer months, while refinances surged to their highest share in three and a half years.”

30-year fixed-rate mortgages: averaged 3.55%, with an average 0.5 point, dropping from last week’s 3.60% average. Last year at this time, 30-year rates averaged 4.51%.
15-year fixed-rate mortgages: averaged 3.03%, with an average 0.5 point, falling from last week’s 3.07% average. A year ago, 15-year rates averaged 3.98%.
5-year hybrid adjustable-rate mortgages: averaged 3.32%, with an average 0.3 point, falling from last week’s 3.35% average. A year ago, 5-year ARMs averaged 3.82%.

Low Rates Have Made 8.2 Million Mortgages “Refi Eligible”

August 5th, 2019 by Michael Mahoney

Low Rates Have Made 8.2 Million Mortgages “Refi Eligible”

Low mortgage rates have made 8.2 million U.S. mortgages “refi eligible,” meaning borrowers would save money by getting a new home loan even with the application and funding costs, according to Black Knight.

The average U.S. rate for a 30-year fixed mortgage was 3.75%, last week, matching the prior week, according to Freddie Mac . A year ago, the rate was 4.60%.

“Mortgage rates have continued to decline,” Fannie Mae said in its July forecast. “The 30-year fixed mortgage rate averaged 3.80% in June, down from 4.07% in May and the seventh straight month of decline.”

If you have a mortgage and you plan to stay in your property, you really need to shop it to see if you can save some money. Rates are almost a full point lower from where they were a year ago.

 

This Week – It’s All About the Money – Mortgage Rate Update

March 28th, 2019 by Michael Mahoney

Mortgage Rates Continue to Drop

CNBC’s Diana Olick reports on the continued drop in mortgage rates after the Federal Reserve’s decision last week to leave interest rates unchanged for the rest of the year.

Value of Your Home by Realtor Michael Mahoney

 

 

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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

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