30-Year Mortgage Rates Plumb New Depths
Freddie Mac reports that the average interest on 30-year fixed mortgages slipped to an all-time low, for the third consecutive week, to 4.19 percent.
At the same time, 15-year fixed-rate loans and the five-year adjustable-mortgage rate both also hit record lows. Rates on the former were 3.62 percent, while the latter averaged just 3.47 percent.
Source: The Wall Street Journal, Nathan Becker (10/15/10)
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC
Mortgage Rates Close in on Record Lows
Home buyers unable to tap into a federal tax credit before it expired on April 30 are finding a consolation prize in mortgage rates, which dropped again this week to near-record lows.
According to Freddie Mac, interest on 30-year fixed loans averaged 4.78 percent compared to 4.84 percent last week, while the 15-year rate slipped to a new low of 4.21 percent from 4.24 percent.
The favorable borrowing costs will improve affordability and soften the impact of the tax credit program ending, says Freddie Mac chief economist Frank Nothaft.
Source: Investor’s Business Daily (05/28/10)
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Mortgage rates fall, shy of record lows
30-year-fixed average at 4.82 percent, falling from 4.87 last week
Rates on 30-year mortgages dipped this week after rising a week earlier, and remain just above record lows.
Mortgage finance giant Freddie Mac said Thursday that average rates on 30-year fixed-rate mortgages fell to 4.82 percent this week, down from an average of 4.87 percent last week. Rates have been below 5 percent for five consecutive weeks.
The all-time low of 4.78 percent was recorded on the week of April 2. Freddie Mac’s survey dates back to 1971.
Low rates have sparked a surge in refinancing activity, with nearly 80 percent of new home loan applications coming from borrowers seeking to refinance. Freddie Mac’s sibling company, Fannie Mae, refinanced $77 billion in loans last month, nearly double February’s level and the best month for such activity since 2003, when the housing market was still surging.
Mortgage rates fell dramatically over the winter. They fell further after the Federal Reserve said last month it would buy $1.2 trillion in mortgage-backed securities and $300 billion in long-term government debt, which traditionally influences rates on 30-year home loans.
“The housing industry is starting to exhibit some positive signs,” Frank Nothaft, Freddie Mac’s chief econmist, said in a statement but noted they were “scarce and too early to tell how permanent.” More Details.
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.