Posts Tagged ‘year fixed rate mortgages’

Mortgage Apps Rise

December 5th, 2012 Comments off

According to Mortgage Bankers Association’s (MBA) data, refinancings accounted for 83 percent of new mortgage business, up from 81 percent the week before, as mortgage applications rose five percent, apparently with little concern for the fiscal cliff issue. Tying the all-time low, the average contract rate for a 30-year FHA-insured loan fell two basis points to 3.34 percent. Nationalmortgagenews tells MHProNews 30-year fixed rate mortgages (FRMs) with jumbo loan balances rose four points to 3.79 percent. Tracking the market since 1990, MBA’s survey covers 75 percent of the retail residential mortgage market.

(Image credit: texaslendingtoday)

Mortgage Apps Fall

October 10th, 2012 Comments off

In the latest weekly report from the Mortgage Bankers Association (MBA), nationalmortgagenews says mortgage applications dropped 1.2 percent for the latest weekly reading Oct. 5 following a 16.6 percent spike for the previous week ending Sept. 28. Refi applications accounted for 83 percent of the apps, much the same as the previous week. Many mortgage analysts and lenders expect October to be a very strong month, perhaps stronger than Sept. As MHProNews as learned, MBA’s Mike Fratantoni said refi volumes are “still near three-year highs, and purchase applications increased to the highest level since June, with both conventional and government volumes increasing.” Average 30-year fixed-rate mortgages (FRMs) were going for 3.56 percent while 15-year FRMs fell to 2.88 percent, the lowest in the history of the survey.

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Interest Rates Keep Dropping—But is it Good?

July 31st, 2012 Comments off

MHProNews has learned from HousingWire 15 and 30-year fixed rate mortgages (FRMs) are continuing to drop to historic lows. While last year at this time a 30-year FRM was at 4.55, as of Thurs. July 26 it had dropped to 3.49% from 3.53% the previous week. While the 15-year FRM last year was at 3.66%, last week it had fallen to 2.83%. Surveying large banks, Bankrate says the 30-year FRM fell to 3.75% from 3.78%, while the 15-year FRM dropped to an even 3% from 3.04%. Meanwhile, analysts with Capital Economics are not convinced that low interest rates are necessarily good for the market. Capital’s Paul Diggle, noting there is no evidence the lower interest rates are spurring housing demand among mortgage dependent buyers, says, “The underlying improvement in sales activity remains heavily dependent on investors and cash buyers, who are attracted to housing in part because of low yields elsewhere.”

(Image credit: Bankrate)