Category Archives: mortgage rates

30-Year Mortgage Rate Rises to Just Below 4%

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Mortgage Rates
Lenny Ignelzi/The Associated PressMortage rates have ended a five-week decline according to the latest survey by mortgage giant Freddie Mac.

WASHINGTON — Average U.S. long-term mortgage rates arrested their five-week decline this week but the benchmark 30-year loan remained below 4 percent. Mortgage company Freddie Mac said Thursday the nationwide average for a 30-year mortgage rose to 3.98 percent from 3.92 percent last week. It remained at its lowest level since June 2013. The rate stood at 4.53 percent back in January.

The average for a 15-year mortgage, a popular choice for people who are refinancing, increased to 3.13 percent from 3.08 percent. The sustained decline in long-term rates sparked a boomlet of homeowners looking to refinance mortgages. Homeowners eager for a bargain rate fired off inquiries to lenders. Applications for “re-fi’s” jumped 23 percent in the week ended Oct. 17 — reaching their highest level since November 2013, according to the Mortgage Bankers Association. But refinance applications fell 7 percent in the latest week, ended Oct. 24.

In recent weeks concern over global economic weaknesses brought market turmoil and sent investors seeking safety by pouring money into U.S. Treasurys. Higher demand drives up prices for those government bonds and causes their yields to drop. The yield on the 10-year Treasury note touched new lows. Mortgage rates often follow the yield in the 10-year note.

This week, the 10-year note rose to 2.32 percent Wednesday from 2.22 percent the previous week. The note traded at 2.29 percent Thursday morning.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country between Monday and Wednesday each week. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

The average fee for a 30-year mortgage was unchanged from last week at 0.5 point. The fee for a 15-year mortgage also remained at 0.5 point. The average rate on a five-year adjustable-rate mortgage rose to 2.94 percent from 2.91 percent. The fee was steady at 0.5 point.

For a one-year ARM, the average rate edged up to 2.43 percent from to 2.41 percent. The fee held at 0.4 point.

 

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Freddie Mac: Average 30-year mortgage rate down slightly to 4.12%

The interest rates offered to mortgage borrowers leveled off early this week, with the average 30-year fixed home loan edging down to 4.12% from 4.14% last week, housing finance giant Freddie Mac said.

Zillow Mortgage Marketplace: 30-Year Rate Dips Below 4%

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chart 30 year fixed rate mortgage zillow mortgage marketplace
Zillow*The weekly mortgage rate chart illustrates the average 30-year fixed interest rate in six-hour intervals.

By Camille Salama

Mortgage rates for 30-year fixed mortgages dipped slightly this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 3.98 percent, down 5 basis points from this time last week. The 30-year fixed mortgage rate hovered around 4 percent for the majority of the week, before dropping slightly to the current rate on Tuesday morning.

“Last week, rates hit 4-week lows after a weaker-than-expected gross domestic product report suggested some softness in the U.S. economy,” said Erin Lantz, vice president of mortgages at Zillow. “This week, we expect mortgage rates to remain fairly flat unless the jobs report, out Thursday rather than Friday this week, reveals an unexpectedly strong gain in the labor market.”

Additionally, the 15-year fixed mortgage rate this morning was 2.98 percent, and for 5/1 ARMs, the rate was 2.77 percent. What are the interest rates right now?

Check Zillow Mortgage Marketplace for mortgage rate trends and up-to-the-minute mortgage rates for your state.

 

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Home prices jump nearly 11% in April

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Mortgage Rates Rise for Second Straight Week

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Charles Silvey/Getty Images

WASHINGTON — Average U.S. rates on fixed mortgages rose this week for a second straight week but remained near historic lows.

Mortgage buyer Freddie Mac says the average rate for a 30-year loan increased to 4.20 percent from 4.14 percent last week. The average for the 15-year mortgage jumped to 3.31 percent from 3.23 percent.

Rising prices and higher interest rates beginning in mid-2013 have made homes less affordable for would-be buyers. At the same time, a limited supply of homes is available to buy. Mortgage rates are about a quarter of a percentage point higher than they were at the same time last year.

Mortgage rates tend to follow the yield on the 10-year Treasury note. The 10-year note traded at 2.64 percent Wednesday, up from 2.60 percent a week earlier.

 

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Zillow Mortgage Marketplace: 30-Year Rates Remain Stable

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30 year mortgage rate chart
Zillow*The weekly mortgage rate chart illustrates the average 30-year fixed interest in six-hour intervals.

By Alexa Fiander

Mortgage rates for 30-year fixed mortgages remained stable this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 4.04 percent, up only three basis points from this time last week. The 30-year fixed mortgage rate peaked at 4.12 percent on Thursday before dropping to 4.03 percent on Friday, where rates hovered for the remainder of the week.

“Mortgage rates were flat last week as two highly anticipated announcements, the European Central Bank’s stimulus plan and the latest U.S. employment report, confirmed the outcomes the markets were expecting,” said Erin Lantz, vice president of mortgages at Zillow. “Next week there is a limited number of market-moving news or events scheduled, so we expect rates to remain stable.”
Additionally, the 15-year fixed mortgage rate this morning was 3.03 percent and for 5/1 ARMs, the rate was 2.78 percent.

What are the interest rates right now? Check Zillow Mortgage Marketplace for mortgage rate trends and up-to-the-minute mortgage rates for your state.

 

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Zillow Mortgage Marketplace: 30-Year Fixed Rise Slightly

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By Alexa Fiander

Mortgage rates for 30-year fixed mortgages rose this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 4.01 percent, up from 3.99 percent at this same time last week. The 30-year fixed mortgage rate declined early last week, dropping to as low as 3.92 percent on Wednesday before rising to the current rate over the weekend. (See the chart below.)

“Rates hovered near 12-months lows, remaining below 4 percent for most of last week due to the markets’ anticipation of the European Central Bank’s decision to ease monetary policy to stimulate growth,” said Erin Lantz, vice president of mortgages at Zillow. “This week, we expect rates to drift upward if the ECB’s plans suggest a more worrisome picture of the European economy, or if the U.S. employment report reveals unexpectedly strong jobs growth when it is released on Friday.”

Additionally, the 15-year fixed mortgage rate this morning was 3.01 percent, and for 5/1 ARMs, the rate was 2.76 percent.

What are the interest rates right now? Check Zillow Mortgage Marketplace for mortgage rate trends and up-to-the-minute mortgage rates for your state.
rate-chart
*The weekly mortgage rate chart illustrates the average 30-year fixed interest rate in six-hour intervals.

 

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