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Posts Tagged ‘mortgage interest rates

Fixed Mortgage Rates Unchanged

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Fixed Mortgage Rates Unchanged
Article by Freddie Mac | February 18, 2016

FreddieMac-LogoMCLEAN, VA–(Marketwired – Feb 18, 2016) – Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgage rates unchanged from the previous week and remaining near their 2015 lows.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.65 percent with an average 0.5 point for the week ending February 18, 2016, unchanged from last week. A year ago at this time, the 30-year FRM averaged 3.76 percent.
  • 15-year FRM this week averaged 2.95 percent with an average 0.5 point, unchanged from last week. A year ago at this time, the 15-year FRM averaged 3.05 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.85 percent this week with an average 0.4 point, up from last week when it averaged 2.83 percent. A year ago, the 5-year ARM averaged 2.97 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 link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quote Attributed to Sean Becketti, chief economist, Freddie Mac.
“After another week of financial market oscillations driven by rumors of potential limits on oil production, the 10-year Treasury yield edged up 5 basis points, and the 30-year mortgage rate remained unchanged at 3.65 percent. Despite this week’s uptick in Treasury yields, the 10-year is still 54 basis points lower than it stood at the end of 2015, while the mortgage rate has dropped only 36 basis points over the same period.”

### Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is the largest source of financing for multifamily housing. Additional information is available at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog. ###

Source: Freddie Mac 021916

Kenneth Bargers, REALTOR® | Pilkerton Realtors
(615) 512-9836 cellular (615) 371-2474 office kb@bargers-solutions.com email
www.bargers-solutions.com web kennethbargers.com blog
2 Cadillac Drive, Brentwood Tennessee address

Need a home? visit Search for Properties
Do you need marketing assistance for special projects or contract assignments? visit the Marketing page of Bargers Solutions

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Home Buyers Don’t Need to Fear

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Home Buyers Don’t Need to Fear
Article by Daily Real Estate News | November 2, 2015

HouseSaleKB110315Home shoppers no longer need to tremble all the way to the lenders’ office or have nightmares over being denied a home loan – all the troubles that have been prominently spotlighted by many news reports in recent years. A new report confirms: It’s getting easier to get a mortgage – and as a bonus, borrowing costs are still low.

Over the past year and a half, the federal government and enterprises have taken several steps to open up the credit box, and the efforts may finally be showing signs of paying off.

Credit scores on closed loans in September dropped to the lowest level since Ellie Mae began collecting the data in August 2011, according to Ellie Mae’s latest Origination Insight Report. The average FICO score for closed loans has fallen throughout the year – from 731 in January to 723 in September.

“Average credit scores declined to the lowest levels we’ve seen since 2011,” said Jonathan Corr, president and CEO of Ellie Mae. “We are also seeing rates fall while the time to close is also decreasing. It will be interesting to see if these trends continue as we begin to see impacts from TRID.”

Closing rates remained high with more than 66 percent of all loan applications closing for the third consecutive month. The closing rate on purchase loans rose to 71 percent. Also, the time to close on all loans dropped for the fourth consecutive month to 46 days.

And more good news for buyers: The 30-year fixed-rate mortgage continues to remain well-below 4 percent. Freddie Mac reported this week that average rates were 3.79 percent nationwide for the week ending Oct. 29, down from 3.98 percent a year ago. Fifteen-year fixed-rate mortgages averaged 2.98 percent, down from 3.13 percent averages a year ago.

Source:Is the Credit Box Finally Showing Signs of Opening Up? HousingWire (Oct. 21, 2015) and Freddie Mac; REALTOR® Magazine Online, Daily Real Estate News 110215

Kenneth Bargers, REALTOR® | Pilkerton Realtors
(615) 512-9836 cellular (615) 371-2474 office kb@bargers-solutions.com email
www.bargers-solutions.com web kennethbargers.com blog
2 Cadillac Drive, Brentwood Tennessee address

Need a home? visit Search for Properties
Do you need marketing assistance for special projects or contract assignments? visit the Marketing page of Bargers Solutions

Nationally: What’s Behind the Drop in Sales Contracts?

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Nationally: What’s Behind the Drop in Sales Contracts?
Article by Daily Real Estate News | October 29, 2015

HouseForSalePending home sales lost more ground in September, reaching the second lowest level of the year, according to the National Association of REALTORS®’ Pending Home Sales Index, a forward-looking indicator based on contract signings. Pending home sales dropped 2.3 percent month-over-month in September as all four of the major U.S. regions saw a decrease in contract activity.

Lawrence Yun, NAR’s chief economist, says several factors are contributing to September’s cool off in contract signings.

“There continues to be a dearth of available listings in the lower end of the market for first-time buyers, and REALTORS® in many areas are reporting stronger competition than what’s normal this time of year because of stubbornly low inventory conditions,” he says. “Additionally, the rockiness in the financial markets at the end of the summer and signs of a slowing U.S. economy may be causing some prospective buyers to take a wait-and-see approach.”

While pending home sales were down in September, they still remain 3 percent above last year’s levels. Yun says he’s confident the housing market will prove itself as one of the brighter spots of a more-sluggish economy in the coming months.

“With interest rates hovering around 4 percent, rents rising at a near eight-year high, and job growth holding strong – albeit at a more modest pace than earlier this year – the overall demand for buying should stay at a healthy level despite some weakness in the overall economy,” Yun says.

Here’s a closer look at how pending home sales fared in September across the country:

  • Northeast: pending home sales dropped 4 percent compared to last month but are 3.9 percent above year ago levels.
  • Midwest: pending home sales declined 2.5 percent month-over-month but are 4.3 percent higher than year ago levels.
  • South: pending home sales fell 2.6 percent and are just 0.1 percent below last September’s levels. (Greater Nashville Area remains strong!)
  • West: pending home sales fell slightly by 0.2 percent month-over-month but are 6.6 percent above year ago levels.

Source: National Association of REALTORS®; REALTOR® Magazine Online, Daily Real Estate News 102915

Kenneth Bargers, REALTOR® | Pilkerton Realtors
(615) 512-9836 cellular (615) 371-2474 office kb@bargers-solutions.com email
www.bargers-solutions.com web kennethbargers.com blog
2 Cadillac Drive, Brentwood Tennessee address

Need a home? visit Search for Properties
Do you need marketing assistance for special projects or contract assignments? visit the Marketing page of Bargers Solutions

Fixed Mortgage Rates Move Lower

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Fixed Mortgage Rates Move Lower
Article by Freddie Mac | October 22, 2015

FreddieMac-LogoMCLEAN, VA–(Marketwired – Oct 22, 2015) – Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates following Treasury yields lower, which continues to benefit the housing market.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.79 percent with an average 0.6 point for the week ending October 22, 2015, down from last week when it averaged 3.82 percent. A year ago at this time, the 30-year FRM averaged 3.92 percent.
  • 15-year FRM this week averaged 2.98 percent with an average 0.5 point, down from last week when it averaged 3.03 percent. A year ago at this time, the 15-year FRM averaged 3.08 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.89 percent this week with an average 0.4 point, up from last week when it averaged 2.88 percent. A year ago, the 5-year ARM averaged 2.91 percent.
  • 1-year Treasury-indexed ARM averaged 2.62 percent this week with an average 0.2 point, up from 2.54 percent last week. At this time last year, the 1-year ARM averaged 2.41 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.

Quote Attributed to Sean Becketti, chief economist, Freddie Mac.
“Following Federal Reserve Governor Daniel Tarullo’s remarks last week Treasury yields dipped. In response, 30-year mortgage rates fell 3 basis points this week to 3.79 percent. The housing market continues to benefit from low mortgage rates, with housing starts for September beating expectations and the NAHB’s Housing Market index registering a ten year high in October.”

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is one of the largest sources of financing for multifamily housing. Additional information is available atFreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog. ###

Kenneth Bargers, REALTOR® | Pilkerton Realtors
(615) 512-9836 cellular (615) 371-2474 office kb@bargers-solutions.com email
www.bargers-solutions.com web kennethbargers.com blog
2 Cadillac Drive, Brentwood Tennessee address

Need a home? visit Search for Properties
Do you need marketing assistance for special projects or contract assignments? visit the Marketing page of Bargers Solutions

Freddie: 2015 to Mark Best Year for Home Sales

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Freddie: 2015 to Mark Best Year for Home Sales
Article by Daily Real Estate News | March 13, 2015

FreddieMac-LogoFreddie Mac economists are bullish on housing.

“This month kicks off spring home buying season,” says Len Kiefer, deputy chief economist at Freddie Mac. “Between now and the end of June, we’ll see about 40 percent of all home sales for the year.”

It’s that optimism that has Freddie Mac forecasters expecting 2015 “to be the best year for home sales and new home construction since 2007, when total home sales were about 5.8 million for the year,” according to their U.S. Economic and Housing Market Outlook for March.

An improving job market is driving young professionals, ages 25 to 34, back to the labor force. The millennial age group now has 76.8 percent of its generation employed, as of last month, up from 75.9 percent last year.

Freddie Mac economists predict that rents will continue to rise at or above inflation this year, which will likely push more prospective buyers into home ownership. Rents rose 3.6 percent, on average, in 2014, and are up nearly 11 percent over the last three years, according to Freddie Mac’s report.

Meanwhile, Freddie Mac economists expect that the 30-year fixed-rate mortgage to rise slightly this year to a 4 percent average. The 30-year fixed-rate mortgage averaged 3.86 percent this week.

Source: “Freddie Mac March 2015 U.S. Economic and Housing Market Outlook,” Freddie Mac (March 11, 2015); REALTOR® Magazine Online, Daily Real Estate News 031515

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Fixed Mortgage Rates Resume Downward Trajectory

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Fixed Mortgage Rates Resume Downward Trajectory
Article by Freddie Mac; February 5, 2015

FreddieMac-LogoMCLEAN, VA–(Marketwired – Feb 5, 2015) – Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates, after ticking-up slightly last week, reversing course and falling amid weaker than expected housing and economic data. Fixed-rate mortgages rates are once again back near their May 23, 2013 lows.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.59 percent with an average 0.7 point for the week ending February 5, 2015, down from last week when it averaged 3.66 percent. A year ago at this time, the 30-year FRM averaged 4.32 percent.
  • 15-year FRM this week averaged 2.92 percent with an average 0.6 point, down from last week when it averaged 2.98 percent. A year ago at this time, the 15-year FRM averaged 3.40 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.82 percent this week with an average 0.4 point, down from last week when it averaged 2.86 percent. A year ago, the 5-year ARM averaged 3.12 percent.
  • 1-year Treasury-indexed ARM averaged 2.39 percent this week with an average 0.4 point, up from last week when it averaged 2.38 percent. At this time last year, the 1-year ARM averaged 2.55 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.

Quotes Attributed to Len Kiefer, deputy chief economist, Freddie Mac.  “Mortgage rates fell this week following the release of weaker than expected pending home sales, which fell 3.7 percent in December. Moreover, real GDP growth for the fourth quarter was 2.6 percent and the Institute for Supply Management reported slower growth in manufacturing last month, both missing market consensus forecasts.”

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is one of the largest sources of financing for multifamily housing. Additional information is available at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog. ###

Source: Freddie Mac Press Release 020515

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Mortgage Rates at New Lows in Early 2015

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Mortgage Rates at New Lows in Early 2015
Article by Freddie Mac | January 22, 2015

FreddieMac-LogoMCLEAN, VA–(Marketwired – Jan 22, 2015) – Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates falling again amid declining bond yields and oil prices. Averaging 3.63 percent, the 30-year fixed-rate mortgage is at its lowest level since the week ending May 23, 2013 when it averaged 3.59 percent.

  • 30-year fixed-rate mortgage (FRM) averaged 3.63 percent with an average 0.7 point for the week ending January 22, 2015, down from last week when it averaged 3.66 percent. A year ago at this time, the 30-year FRM averaged 4.39 percent.
  • 15-year FRM this week averaged 2.93 percent with an average 0.6 point, down from last week when it averaged 2.98 percent. A year ago at this time, the 15-year FRM averaged 3.44 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.83 percent this week with an average 0.4 point, down from last week when it averaged 2.90 percent. A year ago, the 5-year ARM averaged 3.15 percent.
  • 1-year Treasury-indexed ARM averaged 2.37 percent this week with an average 0.4 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.54 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.

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

“Mortgage rates continued to fall, albeit at a slower pace, with the 30-year fixed rate mortgage averaging 3.63 percent this week. Housing starts [PDF] picked up in December coming in at a seasonally adjusted 1.089 million unit pace and beating market expectations. Meanwhile, the drop in energy prices pushed the Producer [PDF] Price Index down 0.3 percent for December and the Consumer [PDF] Price Index fell 0.4 percent.”

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is one of the largest sources of financing for multifamily housing. Additional information is available at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.

Source: Freddie Mac 012215

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