Fixed Mortgage Rates Tick Up
- Feb
- 27
Freddie Mac recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates up slightly for the second week in a row.
"Mortgage rates crept up further following the uptick in the 10-year Treasury yield as minutes of the Federal Reserve’s last meeting indicated little possibility of a pause in the central bank’s reduction of bond purchases,” says Frank Nothaft, vice president and chief economist, Freddie Mac. “Housing starts in January fell 16 percent to a seasonally adjusted annual rate of 888,000 units, below consensus forecast. Permits were at a seasonally adjusted annual rate of 937,000 in January, also below consensus."
According to the survey, 30-year fixed-rate mortgage (FRM) averaged 4.33 percent with an average 0.7 point for the week ending February 20, 2014, up from the previous week when it averaged 4.28 percent. A year ago at this time, the 30-year FRM averaged 3.56 percent. ?
Results reveal that the 15-year FRM averaged 3.35 percent with an average 0.7 point, up from last week when it averaged 3.33 percent. A year ago at this time, the 15-year FRM averaged 2.77 percent. ?
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.08 percent with an average 0.5 point, up from the week prior when it averaged 3.05 percent. A year ago, the 5-year ARM averaged 2.64 percent.?
Survey shows that the 1-year Treasury-indexed ARM averaged 2.57 percent with an average 0.3 point, up from the previous week when it averaged 2.55 percent. At this time last year, the 1-year ARM averaged 2.65 percent. ?
For more information, visit www.FreddieMac.com.
Mike Spruell
Realtor®/Broker/ePRO
The Lake Norman Homes Team
Southern Homes Elite
www.LakeNormanRealEstate.pro
866-LakeNorman
704-907-7907
Reprinted with permission from RISMedia. ©2014. All rights reserved.
read moreMortgage Rates Cool Off
- Jul
- 25
Freddie Mac recently released the results of its Primary Mortgage Market Survey(R) (PMMS®), showing average fixed mortgage rates easing along with market concerns over the Federal Reserve's bond purchase program.
The 30-year fixed-rate mortgage (FRM) averaged 4.37 percent with an average 0.7 point for the week ending July 18, 2013, down from last week when it averaged 4.51 percent. Last year at this time, the 30-year FRM averaged 3.53 percent.
- 15-year FRM this week averaged 3.41 percent with an average 0.7 point, down from last week when it averaged 3.53 percent. A year ago at this time, the 15-year FRM averaged 2.83 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.17 percent this week with an average 0.6 point, down from last week when it averaged 3.26 percent. A year ago, the 5-year ARM averaged 2.69 percent.
- 1-year Treasury-indexed ARM averaged 2.66 percent this week with an average 0.4 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.69 percent.
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.
"Fixed mortgage rates fell as Federal Reserve (Fed) Chairman Bernanke helped ease market concerns about the Fed reducing its bond purchases. During a question and answer session following a speech on July 10th, Chairman Bernanke indicated that a highly accommodative monetary policy is what's needed in the U.S. Economy,” says Frank Nothaft, vice president and chief economist, Freddie Mac.
"Indications of a slowing in the economic recovery also placed downward pressure on mortgage rates. Consumer sentiment fell to a three month low in July while retail sales in June grew by only 0.4 percent, which was half of the market consensus forecast. In addition, housing starts fell in June to the slowest pace since August 2012."
For more information, visit www.FreddieMac.com.
Mike Spruell
Realtor®/Broker/ePRO
The Lake Norman Homes Team
Southern Homes Elite
www.LakeNormanRealEstate.pro
866-LakeNorman
704-907-7907
Reprinted with permission from RISMedia. ©2013. All rights reserved.
read moreAverage 30-Year Fixed-Rate Mortgage Up Slightly
- Feb
- 26
Freddie Mac recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates changing little over the past four weeks which is helping to spur new home construction. After being flat for three straight weeks, the 30-year fixed edged up to 3.56 percent, while the 15-year fixed remained unchanged at 2.77 percent.
The 30-year fixed-rate mortgage (FRM) averaged 3.56 percent with an average 0.8 point for the week ending February 21, 2013, up from last week when it averaged 3.53 percent. Last year at this time, the 30-year FRM averaged 3.95 percent.
The 15-year FRM this week averaged 2.77 percent with an average 0.8 point, the same as last week. A year ago at this time, the 15-year FRM averaged 3.19 percent.
Additionally, the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.64 percent this week with an average 0.5 point, the same as last week. A year ago, the 5-year ARM averaged 2.80 percent.
Results showed that the 1-year Treasury-indexed ARM averaged 2.65 percent this week with an average 0.4 point, up from last week when it averaged 2.61 percent. At this time last year, the 1-year ARM averaged 2.73 percent.
"Mortgage rates have been relatively stable, hovering near record lows, for the past four weeks which is helping to spur new home construction,” says Frank Nothaft, vice president and chief economist, Freddie Mac. “For instance, new construction on single-family houses rose to an annualized rate of 613,000 in January, the most since July 2008. In addition, single-family building permits were up to the highest issuance level since June 2008."
For more information, visit www.FreddieMac.com.
Mike Spruell
Realtor®/Broker/ePRO
The Lake Norman Homes Team
Southern Homes Elite
www.LakeNormanRealEstate.pro
866-LakeNorman
704-907-7907
Fixed-rate Mortgages Remain at or Near All-time Lows
- Mar
- 13
Freddie Mac (OTC: FMCC) recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed-rate mortgages at or near their 60-year lows helping to drive record high homebuyer affordability. The 15-year fixed, a popular choice among refinance borrowers, averaged a new all-time record low of 3.13 percent.
The survey shows that the 30-year fixed-rate mortgage (FRM) averaged 3.88 percent with an average 0.8 point for the week ending March 8, 2012, down from the previous week when it averaged 3.90 percent. Last year at this time, the 30-year FRM averaged 4.88 percent.
Additionally, the 15-year FRM averaged 3.13 percent with an average 0.8 point, down from the last week when it averaged 3.17 percent. A year ago at this time, the 15-year FRM averaged 4.15 percent.
Results showed that the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.81 percent, with an average 0.7 point, down from the last week when it averaged 2.83 percent. A year ago, the 5-year ARM averaged 3.73 percent.
The 1-year Treasury-indexed ARM averaged 2.73 percent with an average 0.6 point, up from the last week when it averaged 2.72 percent. At this time last year, the 1-year ARM averaged 3.21 percent.
"With these historically low rates and declining house prices, the typical family had more than double the income needed to purchase a median-priced home in January, according to the National Association of RREALTORS® Housing Affordability Index which registered the highest reading since records began in 1970,” says Frank Nothaft, vice president and chief economist, Freddie Mac.
“In fact, the Corelogic® National Home Price Index fell for the sixth consecutive month in January to the lowest level since January 2003. This high level of affordability likely contributed to the recent two-week rise ending March 2nd in mortgage applications for home purchases."
For more information, visit www.freddiemac.com.
Mike Spruell
Realtor®/Broker/ePRO
The Lake Norman Homes Team
Keller Williams Realty
www.LakeNormanRealEstate.pro
866-LakeNorman
704-907-7907
Housing Affordability Index Hits Record High
- Mar
- 09
Housing affordability conditions have reached the highest level since record keeping began in 1970, according to the National Association of REALTORS®.
NAR’s Housing Affordability Index rose to a record high 206.1 in January, based on the relationship between median home price, median family income and average mortgage interest rate. The higher the index, the greater the household purchasing power.
An index of 100 is defined as the point where a median-income household has exactly enough income to qualify for the purchase of a median-priced existing single-family home, assuming a 20 percent downpayment and 25 percent of gross income devoted to mortgage principal and interest payments. For first-time buyers making small downpayments, the affordability levels are relatively lower.
NAR President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami, says this latest data underscores buyer opportunities in today’s market. “This is the first time the housing affordability index has broken the two hundred mark, meaning the typical family has roughly double the income needed to purchase a median-priced home,” he said. “For buyers who can qualify for a mortgage, now is a very good time to become a homeowner.”
NAR projects the affordability index for all of 2012 will be at an annual high, with little movement in mortgage interest rates or home prices during the year. “Housing inventory levels have declined to a point where conditions are becoming much more balanced in much of the country,” Veissi said. “If access to credit improves, we could see a much more meaningful increase in home sales and broader stabilization in home prices with modest gains in areas with stronger job growth.”
For more information, visit www.realtor.org.
Mike Spruell
Realtor®/Broker/ePRO
The Lake Norman Homes Team
Keller Williams Realty
www.LakeNormanRealEstate.pro
866-LakeNorman
704-907-7907
