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Posts Tagged ‘30-year FRM’

As Mortgage Apps Edge Up, Rates Edge Down

February 6th, 2014 Comments off

A Mortgage Bankers Association (MBA) report says mortgage applications nudged up 0.4 percent for the week ending Jan. 31 from the previous week, while refinance mortgage activity remained at 62 percent of mortgage applications. While the refinance index grew 3% from the previous week, the purchase index declined 4% from one week earlier. In addition, as housingwire.com informs MHProNews.com, the 30-year, fixed-rate mortgage (FRM) with a conforming loan balance fell to 4.47% from 4.52%, as the 30-year, FRM with a jumbo loan balance dropped to 4.42% from 4.47%. The Federal Housing Administration (FHA)-backed, 30-year FRM declined .06 percent to 4.12.

(Image credit: housingwire.com)

Job Growth Spurs Mortgage Rates

December 5th, 2013 Comments off

On the heels of ADP’s report that private companies added 215,000 jobs in November, the 30-year, fixed-rate loan, the most popular product for homebuyers, rose to 4.46% from 4.29% last week, according to CNNMoney. The average for a 15-year fixed-rate mortgage (FRM), often used for refinancing higher interest mortgages, rose from 3.30 percent to 3.47 percent. Rates for the 30-year loan have ranged this year from 3.34 percent to 3.58 percent. In addition, MHProNews has learned auto sales have reached their highest mark since 2007, which likely also contributed to the mortgage rate increase. Says Keith Gumbinger of mortgage information site HSH.com, “If the economy is gaining steam, even just a little, mortgage and other interest rates will firm right along with it.”

(Image credit: texaslendingtoday.com)

Mortgage Rates Edge Slightly Week over Week

November 26th, 2011 Comments off

CNNMoney reports from Bankrate the 30-year fixed rate mortgage (FRM) dropped 0.01 percent this week over last week (Nov. 14-18) to 4.02 percent. The 15-year FRM also fell 0.01 percent to 3.37 percent during that same period. The 5/1 adjustable rate mortgage (ARM) rose to 2.97 percent from 2.96 percent. The 30-year refinance mortgage rate fell 0.02 percent to 4.09 percent, and the 15-year refinance mortgage dropped from 3.49 percent to 3.47 percent.

(Graphic credit: Wikipedia)

 

Mortgage Applications Up, FRMs Drop

November 9th, 2011 Comments off

HousingWire reports mortgage applications spiked 10.3 percent last week on a seasonally-adjusted basis, according to the Mortgage Bankers Association (MBA) market composite index. On an unadjusted basis the index increase amounted to 9.9 percent. Mortgage refinance applications accounted for 78.6 percent of all applications, an increase from 77.1 percent last week. Mike Fratantoni, MBA’s vice president of research and economics, says “Treasury rates dropped last week, as renewed turmoil in Europe once again led to a flight to quality, and 30-year mortgage rates dropped to their second lowest level of the year. Refinance applications jumped more than 12 percent to their highest level in a month and some lenders experienced even larger increases. As has been the case all year, many refinance applicants are opting to deleverage by choosing 15-year mortgages.” The 30-year fixed rate mortgage (FRM) average interest rate with conforming loan limits of $417,500 or less fell to 4.22 percent from 4.31 percent a week earlier. The FHA 30-year mortgage rate fell to $4.02 percent from 4.09 percent last week. FRM for the jumbo balance mortgage of $417,500 or more dropped from 4.69 percent to 4.57 percent.

(Graphic credit: Wikipedia)

Loan Rates, Loan Values Show Incremental Change

October 12th, 2011 Comments off

HousingWire reports the Mortgage Banker’s Association (MBA) says the measure of loan application volume rose 1.3 percent on a seasonally-adjusted basis this past week. The refinance and purchase indices each increased just over one percent, driven by government loans. The 30-year fixed-rate mortgage (FRM) increased 0.07% to 4.25, while the 30-year jumbo FRMs rose 0.10% to 4.59. The FHA’s (Federal Housing Authority) 30-year fixed rate grew 0.01% to 4.06, while the 15-year FRM went from 3.49% to 3.53%. The average loan size dropped from $212,736 in August to $210,863, while the average refinanced loan fell from $241,323 to $237,632 the previous month.

(Graphic credit: MBA)