30-Year Fixed Mortgage Rates Increase Slightly To 3.55% In Latest Week; 15-Year Fixed Rates Average 2.83%

6 08 2012

Average mortgage rates increased for the week, according to Freddie Mac’s Weekly Primary Mortgage Market Survey. Thirty-year fixed-rate mortgages averaged 3.55 percent, up 6 basis points from the previous week. The weekly average for the 15-year fixed-rate mortgage gained as well, increasing to 2.83 percent from 2.80 percent.

Both mortgage rates still remain far below their averages from one-year ago. In the same period last year, the 30-year average fixed-rate mortgage was 4.39 percent, and the 15-year average fixed-rate mortgage was 3.54 percent.

The Mortgage Bankers Association’s Weekly Application Survey, which lags the PMMS by one week, reported an increase of 0.2 percent for the July 27, 2012 week. Refinancing accounted for the greatest share of the weekly volume, at 81 percent.

For more:  http://seekingalpha.com/article/782301-mortgage-market-weekly-update-july-30-august-3-2012


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30-Year Fixed Mortgage Rates Fall To Historic Low Of 4.12% In Latest Week On Poor Economic Data

9 09 2011
  • 30-year fixed-rate mortgage (FRM) averaged 4.12 percent with an average 0.7 point for the week ending September 8, 2011, down from last week when it averaged 4.22 percent. Last year at this time, the 30-year FRM averaged 4.35 percent.  
  • 15-year FRM this week averaged 3.33 percent with an average 0.6 point, down from last week when it averaged 3.39 percent. A year ago at this time, the 15-year FRM averaged 3.83 percent.  
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.96 percent this week, with an average 0.6 point, the same as last week when it averaged 2.96 percent. A year ago, the 5-year ARM averaged 3.56 percent.
  • 1-year Treasury-indexed ARM averaged 2.84 percent this week with an average 0.6 point, down from last week when it averaged 2.89 percent. At this time last year, the 1-year ARM averaged 3.46 percent.  

“Market concerns over Eurozone sovereign debt default and a weak U.S. employment report for August placed downward pressure on Treasury bond yields and allowed fixed mortgage rates to hit new lows this week. On net, the economy added no new jobs last month and was the weakest reading since September 2010. Meanwhile, the unemployment rate remained at 9.1 percent, marking its 31st consecutive month of being above 8 percent, the longest such stretch in 70 years.

  • “The Federal Reserve (Fed) painted a bleaker picture as well in its September 7th regional economic review. Seven of its 12 Districts reported more subdued views of business conditions. Many of the Fed’s manufacturing contacts downgraded or became more cautious about their near-term outlooks due to increased economic uncertainty.”

Get the latest information from Freddie Mac’s Office of the Chief Economist on Twitter: @FreddieMac


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30-Year Fixed Mortgage Rates Move Higher For Week To Average Of 4.60%, Slightly Higher Than 4.57% Average Rate One-Year Ago

7 07 2011
  • 30-year fixed-rate mortgage (FRM) averaged 4.60% with an average 0.7 point for the week ending July 7, 2011, up from last week when it averaged 4.51 percent. Last year at this time, the 30-year FRM averaged 4.57 percent.  
  • 15-year fixed-rates this week averaged 3.75% with an average 0.7 point, up from last week when it averaged 3.69 percent. A year ago at this time, the 15-year FRM averaged 4.07 percent.  
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.30% this week, with an average 0.6 point, up from last week when it averaged 3.22 percent. A year ago, the 5-year ARM averaged 3.75 percent.
  • 1-year Treasury-indexed ARM averaged 3.01% this week with an average 0.6 point, up from last week when it averaged 2.97 percent. At this time last year, the 1-year ARM averaged 3.75 percent.  

Quotes

Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

  • “Mortgage rates followed Treasury yields higher over the holiday week but remain quite affordable by historical standards. For instance, interest rates on all mortgages outstanding in the first quarter of this year averaged just under 6 percent. With today’s rates, these homeowners who have the ability to refinance could shave $169 per month in interest payments on a $200,000, 30-year fixed mortgage.”

For more: 
http://freddiemac.mediaroom.com/index.php?s=12329&item=44374


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30-Year Fixed Mortgage Rates Fall To 4.49% As Weak Employment Reports Signal That Housing Market Will Remain Fragile According To Freddie Mac

9 06 2011
  • 30-Year Fixed Rate mortgages averaged 4.49 percent with an average 0.7 point for the week ending June 9, 2011, down from last week when it averaged 4.55 percent. Last year at this time, the 30-year FRM averaged 4.72 percent.  
  • 15-Year Fixed Rate mortgages averaged 3.68 percent with an average 0.7 point, down from last week when it averaged 3.74 percent. A year ago at this time, the 15-year FRM averaged 4.17 percent.  
  • 5-Year Treasury Adjustable-Rate mortgages averaged 3.28 percent this week, with an average 0.5 point, down from last week when it averaged 3.41 percent. A year ago, the 5-year ARM averaged 3.92 percent.
  • 1-year Treasury Adjustable-Rate mortgages averaged 2.95 percent this week with an average 0.5 point, down from last week when it averaged 3.13 percent. At this time last year, the 1-year ARM averaged 3.91 percent.  

Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

  • “Long-term Treasury yields moved lower following a weak jobs report and mortgage rates followed suit. The economy added 54,000 jobs in May, the fewest in eight months, and factories cut payrolls for the first time in seven months. As a result, the unemployment rate rose to 9.1 percent, representing the highest rate since December.
  • “The housing market continues to be fragile across the nation as well. In its latest regional economic review released June 8th, the Federal Reserve Board indicated that residential sales and home prices showed continued weakness in most Districts.”

For more: 
http://freddiemac.mediaroom.com/index.php?s=12329&item=40882


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Freddie Mac Reports That 30-Year Fixed Mortgage Rates Average 4.60% For Week Ending May 26, A New Low For 2011

27 05 2011
  • 30-year fixed-rate mortgage (FRM) averaged 4.60 percent with an average 0.7 point for the week ending May 26, 2011, down from last week when it averaged 4.61 percent. Last year at this time, the 30-year FRM averaged 4.84 percent.  
  • 15-year FRM this week averaged 3.78 percent with an average 0.7 point, down from last week when it averaged 3.80 percent. A year ago at this time, the 15-year FRM averaged 4.21 percent.  
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage(ARM) averaged 3.41 percent this week, with an average 0.5 point, down from last week when it averaged 3.48 percent. A year ago, the 5-year ARM averaged 3.97 percent.
  • 1-year Treasury-indexed ARM averaged 3.11 percent this week with an average 0.5 point, down from last week when it averaged 3.15 percent. At this time last year, the 1-year ARM averaged 3.95 percent.  

 Quotes

Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

  • “Fixed mortgage rates eased slightly for the sixth consecutive week amid reports of slower economic activity. The index of leading indicators fell 0.3 percent in April and represented the first monthly decline since June 2010. In addition, the Federal Reserve banks reported less business and manufacturing activity in Philadelphia, Chicago and Richmond.
  • “U.S. house prices indexes may be nearing a bottom soon. On a national basis, prices fell 0.3 percent between February and March, which was the smallest decline since November 2009, according to the Federal Housing Finance Agency. In addition, four of the nine Census Regions exhibited positive growth, compared to none in February. Separately, the Mortgage Bankers Association reported a further reduction in the serious delinquency rate (90 or more days plus foreclosures) in the first quarter, which stood at the lowest reading since the second quarter of 2009.”

For more: 
http://freddiemac.mediaroom.com/index.php?s=12329&item=40283


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Freddie Mac Reports That 30-Year Fixed Mortgage Rates Dropped To Average Of 4.80% In Latest Week As Low Inflation Keeps Mortgage Rates Steady

22 04 2011

 

  • 30-Year Fixed Rate Mortgages (FRM) averaged 4.80% with an average 0.7 points for the week ending April 21, 2011
  • This was down from last week when it averaged 4.91%; one year ago the  30-year FRM averaged 5.07%
  • 15-Year Fixed Rate Mortgages averaged 4.02% with an average 0.7 points
  • This was down from last week when it averaged 4.13%; one year ago the 15-year FRM averaged 4.39%
  • 5-year Treasury-indexed hybrid adjustable-rate mortgages (ARM) averaged 3.61% this week, with an average 0.6 points
  • This was down from last week when it averaged 3.78%;  one year ago, the 5-year ARM averaged 4.03%
  • 1-Year Treasury-indexed ARM’s averaged 3.16% this week with an average 0.6 points
  • This was down from last week when it averaged 3.25%; one year ago the 1-year ARM averaged 4.22%
  • “Low inflation is keeping mortgage rates at bay. The core consumer price index rose just 0.1 percent in March, below the market consensus forecast
  • The 12-month growth rate in core prices was 1.2 percent, which is also rather low by historical standards
  • “The housing market continues to struggle. Although housing starts and existing home sales in March were stronger than expected, they were still at low levels
  • Homebuilders became more pessimistic in April about the near-term according to the NAHB/Wells Fargo Housing Market Index.

For more: 
http://freddiemac.mediaroom.com/index.php?s=12329&item=33883


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Average 30-Year Mortgage Rates Drop To 4.76%, A Two-Month Low, As Investors Buy Safe “US Treasuries” During Japan Crisis; Housing Starts Fall To 22-Month Low As Foreclosures Keep Home Prices Down

18 03 2011

  • Mortgage rates followed US Treasury rates lower to the lowest levels in almost two months
  • The nuclear crisis in Japan has spurred demand for US Government debt
  • The average rate for 30-year fixed loans declined to 4.76 percent in the week ended today from 4.88 percent a week ago
  • The average 15-year rate was 3.97 percent, down from 4.15 percent in each of the past two weeks
  • The drop in rates probably will lead to an increase in refinancing
  • Mortgage applications in the U.S. fell 0.7 percent in the week ended March 11
  • Purchase applications declined 4 percent and its refinancing gauge climbed 0.9 percent
  • Housing starts plunged to a 22-month low in February, and permits for construction fell to a record low
  • U.S. homebuilders are competing with foreclosures and falling prices for existing homes
  • From a low of 4.17% in Nov 2010, mortgage rates reached a 10-month high of 5.05 percent in February

For more: 
http://www.bloomberg.com/news/2011-03-17/30-year-fixed-rate-falls-to-4-76-from-4-88-freddie-mac-says.html


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Mortgage Rates Move Lower During Week On “Flight To Safety” Concerns In Middle East And Higher Oil Prices

26 02 2011

 

  • Mortgage rates ended the week lower as unrest in the Middle East caused a flight to safety in US Treasuries
  • Libyan leader Gadhafi fought to retain control producing uncertainty over whether violence will spread to other nations
  • Higher demand for bonds, including mortgage-backed securities (MBS) helped mortgage rates improve
  • Oil prices climbed to the highest levels since October 2008
  • A higher risk premium will remain in the price of oil for quite a while
  • Higher oil prices increase inflation expectations  and can slow economic growth
  • Flight to safety trade might reverse in next several weeks which could push mortgage rates back to higher levels

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Mortgage Rates Move Lower During Week As Economic Reports Show Inflation Remaining At Lower Levels

19 02 2011

 

  • Mortgage rates moved lower during week on news that inflation was not as negative as investors may have feared
  • Economic growth data was mixed
  • Retail Sales and Industrial Production both fell short of expectations
  • Food and energy prices have been rising globally, but overall inflation has stayed low
  • January CPI was a tame 1.6% higher than one year ago
  • Core CPI, which excludes food and energy, was only 1.0% higher than one year ago
  • The Prices Paid component of the Philly Fed index jumped sharply, reflecting that raw material costs rose
  • But companies might have trouble passing along higher costs to consumers
  • Fed minutes revealed disagreement is growing among Fed officials about the benefits of continuing the quantitative easing program which is scheduled to end in June
  • Investors expect the Fed to complete the $600 billion in purchases of Treasury securities as originally planned
  • The Fed raised its forecast for 2011 GDP growth to 3.65% from their prior estimate of 3.30% in November
  • The Fed lowered its forecast for 2011 core PCE inflation levels
  • With all the recent evidence of rising prices, lower inflation predictions were not expected.

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Mortgage Rates End Week Slightly Higher On Inflation Worries, Stronger Economic Growth And Budget Deficit Concerns

12 02 2011

 

  • Mortgage rates moved slightly higher during the week on inflation concerns
  • A higher than expected January budget deficit was also negative for bonds
  • The longer-term Treasury auctions had was positively received and kept mortgage rates from moving even higher
  • Fed Chief Bernanke suggested that Fed officials view overall inflation levels as low
  • There is no near-term plan to tighten monetary policy to fight rising inflation
  • Mortgage rates have moved higher due to investor concerns that future inflation will rise significantly
  • Stronger economic growth leads to more jobs and higher demand for goods
  • But inflation which results from large budget deficits is worrisome for market
  • Both are pressuring mortgage rates higher right now
  • An improving economy may help more people buy homes

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