Tag Archives: Mortgage Rates

Mortgage interest rates have dropped to their lowest level in decades, and even with tight credit conditions, more borrowers are beginning to take advantage. The Mortgage Bankers Association (MBA) reported Wednesday that its index measuring mortgage loan application volume increased 2.7 percent for the week ending August 27, 2010, after interest rates dropped yet again. Refinance activity was up 2.8 percent, while home purchase applications rose 1.8 percent.

Mortgage interest rates are already at their lowest level in decades, and this week, they headed even lower. The descent was prompted largely by fears that another housing downturn could hamper the economic recovery, after July's home sales took a deeper plunge than expected. Freddie Mac reports that 30-year fixed-rate mortgages are now averaging 4.36 percent, and 15-year mortgages are at 3.86 percent. Bankrate says the larger jumbo 30-year fixed rate also slipped to a new record low of 5.22 percent.

Bolstered by favorable interest rates and low home prices, housing affordability in the second quarter remained near its highest level of the past two decades, according to an industry index developed by the National Association of Home Builders and Wells Fargo. The study found that 72.3 percent of all new and existing homes sold in the second quarter of 2010 were affordable to families earning the national median income of $64,400. Syracuse, New York was the most affordable major housing market. New York City was the least.

Mortgage interest rates dropped again this week, according to data released Thursday by Freddie Mac. The GSE says for yet another week, fixed-rate mortgages reached new record lows. Rates for 30-year mortgages are now averaging 4.42 percent, while 15-year fixed mortgages are at 3.90 percent. Amy Crews Cutts, Freddie Mac's deputy chief economist, says investors in long-term bonds appear confident that inflation will remain in check, which in turn has helped to push mortgage rates even lower.

Just how low can mortgage interest rates go? Lately it seems like there's no bottom in site. For months now, rates have been falling to new record-lows week after week, and this week, they headed even lower. Freddie Mac reported Thursday that interest rates for 30-year fixed mortgages are now averaging 4.44 percent, and 15-year fixed-rate home loans are at 3.92 percent. Bankrate's weekly survey puts the average rate for 30-year mortgages at 4.57 percent, and 15-year mortgages at 4.06 percent.

Mortgage interest rates have been hovering at their lowest levels in decades, but that's done little to sway consumers to buy a home or refinance their mortgage to take advantage of the interest savings. The economists at Freddie Mac point to several reasons for the ""missing"" originations, which they trace back to deteriorating home values. Many borrowers' home equity is so badly eroded that they don't qualify for a refinance, and potential buyers remain nervous about investing in a home absent big incentives.

Mortgage rates seem to be hitting new record lows on a weekly basis. And this week wasn't any exception, as reports released Thursday by Freddie Mac and Bankrate showed yet another decline in rates for the week ending August 4, 2010. According to Freddie Mac, 30-year fixed-rate mortgages averaged 4.49 percent, and 15-year fixed-rate mortgages fell to a record low of 3.95 percent. Bankrate reported the same trend of ever-declining rates. The tracking company said 30-year fixed-rate mortgages came in at 4.66 percent, and 15-year fixed-rate mortgages averaged 4.11 percent.

Mortgage rates have hit record lows across the nation, but not as low as the rate being offered through a new program in West Virginia. According to a recent announcement by the state's governor, the West Virginia Housing Development Fund has launched a new mortgage program for West Virginia families that includes a 30-year loan at a fixed rate of approximately 3.5 percent. This historically-low rate is achieved as a result of a $35 million bond issue coupled with a special bond refunding by the Housing Development Fund. However, funds for this program are limited.

Mortgage rates continued to slide downward for the week ending July 29, 2010, marking yet another round of record lows, Freddie Mac and Bankrate reported Thursday. According to Freddie Mac's Primary Mortgage Market Survey, 30-year fixed-rate mortgages averaged 4.54 percent this week, and 15-year fixed-rate mortgages fell to 4 percent. Bankrate said 30-year fixed-rate mortgages came in at 4.71 percent, and 15-year fixed-rate mortgages inched down to 4.17 percent.