Mortgage Rates & News

30 yr Mortgage Rates fall for first time in 6 weeks

2007-04-23T06:59:00.000-07:00

Rates on 30-year mortgages decreased for the first time in 6 weeks as investors saw evidence inflation is not getting out of hand.

Freddie Mac reported Thursday that 30-year, fixed-rate mortgages averaged 6.17 percent last week down from 6.22 percent two weeks ago and marked the first decline in the 30-year rate since it dropped in early March to 6.14 percent, the lowest level for this year.

Analysts attributed last week’s slight decline to the latest reports on inflation, which showed few price pressures outside of energy.

Other mortgage rates also fell last week. Rates on 15-year fixed-rate mortgages, dipped to 5.89 percent, down from 5.9 percent the week before.

Five-year ARMs averaged 5.92 percent, compared with 5.93 percent two weeks ago. One-year adjustable mortgages decreased to 5.45 percent from 5.47 percent two weeks ago.

Mortgage Rates to Decline?

2007-03-27T07:23:00.000-07:00

The average rate on a 30-year home mortgage loan with no upfront points was unchanged on
Monday at 6-1/4%

If the mortgage market on Tuesday continues in its current
direction, rates may decline.

The 30-year fixed mortgage rate with 1 upfront point was
unchanged at 6 percent.

The 30-year mortgage rate with two upfront points was
unchanged at 5-3/4 percent.

More foreclosures expected as mortgage rates rise

2007-03-19T06:46:00.000-07:00

About 1.1 million additional residential foreclosures are expected over the next six years as adjustable-rate mortgages reset to higher payments.

The expected $112 billion in Mortgage Loan losses won't break the mortgage industry but will inflict pain on both lenders and borrowers affected by the defaults.

Some mortgage loans made over the past few years were designed to allow initial periods of low payments. Many of those were "teaser" loans. A large chunk of the "teaser loans" are scheduled to reset to higher and longer term rates.

Many borrowers are likely to face the double-pressure of a large reset while at the same time, stagnant or fallen property values and little money down will leave many borrowers with little or no equity in their home.

The % of home mortgage loans resetting with negative equity is expected to leap from 12.9 percent in 2007 to 24.4 percent in 2008. That's when some of the most frequently used 2/28 mortgages, which called for two years of low payments and 28 years of higher payments, and 3/27 mortgages, which called for three years of low payments and 27 years of higher payments, are scheduled to reset.

Many mortgage lenders already are working with clients to modify terms or refinance existing loans to avoid default.

Mortgage Rates Fall to lowest levels in 6 weeks

2007-02-26T05:40:00.000-08:00

Rates on 30-year mortgages fell last week to the lowest level in six weeks.

30-year, fixed-rate mortgages averaged 6.22 percent last week compared with 6.3 percent the previous week.

The decline was only the second since early December.

It pushed rates to the lowest level since the 30-year mortgage was at 6.21 percent the week of Jan. 11.

Mortgage Rates

2007-02-12T05:20:00.000-08:00

Residential Mortgage Rates on 30-year mortgages fell for the first time since early December as lower-than-expected job growth eased worries in financial markets about inflation.

Freddie Mac reported Thursday that 30-year, fixed-rate mortgages averaged 6.28 percent last week, down from 6.34 percent the previous week.

The small decline was the first drop in rates since Dec. 7 when 30-year mortgages had fallen to 6.11 percent, the lowest level since early 2006.

The decline last week came after a government report showed that the unemployment rated edged up to 4.6 percent in January when a fewer-than-expected 111,000 jobs were created.

Mortgage Rates Rise

2007-01-25T05:58:00.000-08:00

Mortgage rates increased again this week with the avg 30yrv fixed rate rising to 6.32%.

The average 15yr fixed rate mortgage climbed to 6.07%.

The average jumbo 30yr fixed rate increased to 6.56%.

Adjustable mortgage rates moved higher as well, with the average 5/1 ARM moving up to 6.21% and the average one-year ARM increasing to 6.04%.

Mortgage rates increased again this week, despite the absence of any important release of economic data. Instead, all signs continue to point to the Fed staying on hold with interest rates for an indefinite period.

Mortgage Refinancing plunge

2006-12-26T06:17:00.000-08:00

Refinance Mortgage applications slumped last week as interest rates climbed from recent lows.

The Mortgage Bankers Association said its index of mortgage application activity, which includes both Refifnace and new home purchase mortgage loans, for the week ended Dec. 15 decreased 10.2% to 647.6 from the previous week's 721.2, which was its highest level in more than a year.

Borrowing costs on 30-year fixed-rate mortgage loans averaged 6.10%, up from 6.02% the previous week.

Mortgage Rates create optimism

2006-12-11T05:21:00.000-08:00

Mortgage rates around the country fell last week, with rates on 30-year mortgages dipping to the second-lowest level of the year, pushed down by further signs of economic weakness.

Freddie Mac reported that 30-year, fixed-rate mortgages averaged 6.11 percent, down from 6.14 percent the previous week. The only time rates have been lower this year was the week of Jan. 19, when the 30-year mortgage dipped to 6.1 percent.

It marked the fourth straight weekly decline in rates, a development that economists attributed to easing inflation pressures as the overall economy slows, held back by a steep drop in housing construction and sales.

Rates on 30-year mortgages have been declining since they peaked at 6.8 percent in late July.

Mortgage rates rise on inflation fears

2006-11-13T07:08:00.000-08:00

Rates on 30-year mortgages edged up slightly last week, reflecting market worries about inflation.

Freddie Mac reported Thursday that 30-year, fixed-rate mortgages rose to 6.33%, up from 6.31% the previous week. Rates have exhibited a seesaw pattern of falling one week and then rising the next week for the past 1 1/2 months.

Analysts attributed the latest increase to the unemployment report two weeks ago, which raised worries in financial markets about inflation pressures coming from a tight labor market with a jobless rate at 4.4%

Mortgage Rates rise

2006-10-16T12:45:00.000-07:00

Rates on 30-year mortgages, after having fallen to a seven-month low, rose last week for the first time in five weeks.

Freddie Mac reported last Thursday that 30-year, fixed-rate mortgages rose to 6.37 percent, up from 6.30 percent last week, which had been the lowest level since they were at 6.24 percent the first week of March.

Analysts attributed the increase to lingering fears in financial markets about inflation.

Mortgage Rates at 7 month low

2006-10-06T05:54:00.000-07:00

Rates on 30-year mortgages edged down this week and reached a seven-month low.

Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.30 percent, down slightly from 6.31 percent last week. It put rates at the lowest level since they were at 6.24 percent the first week of March of this year

Mortgage Rates have been headed lower for more than two months as financial markets have become convinced that a slowing economy will help ease inflation pressures, and that will keep the Federal Reserve from raising interest rates further.

Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing, averaged 5.98 percent last week, the same as the previous week.

Mortgage Rates continue lower

2006-10-02T06:14:00.000-07:00

ates on 30-year mortgages dipped this week to the lowest level in more than six months.

Mortgage giant Freddie Mac said Thursday that 30-year, fixed-rate mortgages fell to 6.31 percent this week, down from 6.40 percent last week.

The latest drop puts the 30-year mortgage at the lowest level since it stood at 6.24 percent in early March.

After hitting a four-year high of 6.80 percent on July 20, rates on 30-year mortgages have been trending down as financial markets become more convinced that a slowing economy will help keep inflation contained.

Mortgage Rates remain level

2006-09-21T07:52:00.000-07:00

NEW YORK, Sept 18 (Reuters) - The average rate on a 30-year U.S. mortgage with no upfront points was unchanged on Monday at 6-5/8 percent, according to BestInfo Inc.

Rates may remain the same on Tuesday if the mortgage market continues in its current direction.

The 30-year mortgage rate with one upfront point was unchanged at 6-3/8 percent.

The 30-year mortgage rate with two upfront points was unchanged at 6-1/8 percent.

Mortgage Rates fall for 5th week in a row

2006-08-28T06:11:00.000-07:00

Rates on 30-year mortgages fell for a fifth consecutive week as both sales of both existing and new homes in July declined, confirming a cooling housing market.

The mortgage company Freddie Mac said Thursday that 30-year, fixed-rate mortgages fell to 6.48 percent last week, down from 6.52 percent two weeks ago.

That was the lowest level for 30-year mortgages since they averaged 6.43 percent the week of April 6.

Mortgages had risen since then, hitting a more than four-year high of 6.8 percent the week of July 20 before falling in the past five weeks.

Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing, averaged 6.18 percent last week, down from 6.20 percent two weeks ago.

For one-year adjustable-rate mortgages, rates dipped to 5.6 percent from 5.65 percent two weeks ago.

Rates on five-year adjustable-rate mortgages declined to 6.14 percent last week from 6.18 percent two weeks ago.

Mortgage rates fall for 4th week in row

2006-08-21T07:12:00.000-07:00

WASHINGTON -- Rates on 30-year mortgages fell for a fourth consecutive week as a slowing economy eased concerns about inflation.

Mortgage giant Freddie Mac said Thursday that 30-year, fixed-rate mortgages fell to 6.52% this week, down from 6.55% last week.

That was the lowest level for 30-year mortgages since they averaged 6.49% the week of April 13.

Mortgages had been rising since that time, hitting a more than four-year high of 6.80% the week of July 20, before falling in the last four weeks.

Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing, averaged 6.20% this week, unchanged from last week.

For one-year adjustable-rate mortgages, rates dipped to 5.65%, down from 5.69% last week.

Rates on five-year adjustable-rate mortgages fell to 6.18% this week, from 6.21% last week.

Mortgage rates unchanged on Monday 8/14

2006-08-15T05:40:00.000-07:00

The average rate on a 30-year U.S. mortgage with no upfront points was unchanged on Monday at 6-5/8 percent, according to BestInfo Inc.

Rates may rise if the mortgage market on Tuesday continues in its current direction.

The 30-year mortgage rate with one upfront point was unchanged at 6-3/8 percent.

The 30-year mortgage rate with two upfront points was unchanged at 6-1/8 percent.

Mortgage Rates unchanged 8/8

2006-08-09T05:43:00.000-07:00

The average rate on a 30-year U.S. mortgage with no upfront points was unchanged on Tuesday at 6-5/8 percent, according to BestInfo Inc.

If the mortgage market on Wednesday continues in its current direction, rate may decline.

The 30-year mortgage rate with one upfront point was unchanged at 6-3/8 percent.

The 30-year mortgage rate with two upfront points was unchanged at 6-1/8 percent.

Mortgage rates unchanged

2006-08-02T06:06:00.000-07:00

NEW YORK, July 31 (Reuters) - The average rate on a 30-year U.S. mortgage with no upfront points was unchanged on Monday at 6-3/4 percent, according to BestInfo Inc.

Rates may decline if the mortgage market on Tuesday continues in its current direction.

The 30-year mortgage rate with one upfront point was unchanged at 6-1/2 percent.

The 30-year mortgage rate with two upfront points was unchanged at 6-1/4 percent.

Mortgage Rates at 4yr highs

2006-07-24T08:04:00.000-07:00

Rates on 30-year mortgages rose to the highest level since the spring of 2002.

Freddie Mac, reported Thursday that rates on 30-year, fixed-rate mortgages increased to a nationwide average of 6.80 percent, up from 6.74 percent last week.

The increase pushed 30-year rates to the highest level since they stood at 6.81 percent the week of May 24, 2002."

Mortgage Rates Unchanged

2006-07-19T05:58:00.000-07:00

The average rate on a 30-year U.S. mortgage with no upfront points was unchanged on Monday at 7 percent, according to BestInfo Inc.

If the mortgage market on Tuesday continues in its current direction, rates may remain the same.

The 30-year mortgage rate with one upfront point was unchanged at 6-3/4 percent.

The 30-year mortgage rate with two upfront points was unchanged at 6-1/2 percent.

mortgage rates dip for first time in 5 weeks

2006-07-17T05:48:00.000-07:00

WASHINGTON (AP) -- Rates on 30-year mortgages declined this week for the first time in five weeks amid expectations that the Federal Reserve won't push interest rates much higher.

Mortgage finance company Freddie Mac reported Thursday that rates on 30-year, fixed-rate mortgages slipped to a nationwide average of 6.74 percent this week from 6.79 percent last week.

Housing sales are expected to decline by around 7 percent this year as higher mortgage rates make home ownership more expensive.

Mortgage Rates edge up

2006-07-10T08:38:00.000-07:00

By Martin Crutsinger
Associated Press

WASHINGTON – Interest rates on 30-year mortgages edged up slightly two weeks ago as fears about the Federal Reserve’s next rate moves lessened a bit.

Freddie Mac, the mortgage company, reported Thursday that rates on 30-year, fixed-rate mortgages increased to a nationwide average of 6.79 percent last week, up from 6.78 percent two weeks ago.

It was the fourth weekly increase and put rates at the highest level for 30-year mortgages since they averaged 6.81 percent the week of May 24, 2002.

Fixed mortgage rates climb again

2006-06-29T06:54:00.000-07:00

NEW YORK, June 29 /PRNewswire-FirstCall/ --

Fixed mortgage rates increased for the third consecutive week as higher interest rate expectations take hold. The average 30-year fixed rate mortgage jumped from 6.83 percent to 6.93 percent, the highest since April 17, 2002, according to Bankrate.com's weekly national survey of large lenders. The 30-year fixed rate mortgages in this week's survey had an average of 0.34 discount and origination points.

Mortgage rates to 6.375% or more

2006-06-23T07:31:00.000-07:00

Hawaii home loan costs are on the move upward again, with 6.375 percent now the prevailing rate and one major lender higher than that.

Bank of Hawaii, American Savings Bank, Countrywide Home Loans and Wells Fargo are all at 6.375 percent for a regular 30-year fixed-rate mortgage. All hiked rates an eighth of a percent to join Finance Factors at this level.

First Hawaiian Bank and Hawaii National Bank, which had been at that rate last week, have hiked their rates an eighth to 6.5 percent.

For 15-year mortgages, chosen by buyers who want to build equity faster, Territorial hiked to 5.75 percent and American Savings Bank held at 5.875 percent.

Mortgage Rates hit 4yr high

2006-06-22T06:03:00.000-07:00

By Holden Lewis • Bankrate.com

Long-term mortgage rates climbed strongly this week to their highest level in more than four years.

The benchmark 30-year fixed-rate mortgage rose 12 basis points to 6.83 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey had an average total of 0.33 discount and origination points. One year ago, the mortgage index was 5.66 percent; four weeks ago, it was 6.69 percent.

The 15-year fixed-rate mortgage rose 9 basis points to 6.45 percent. The 5/1 adjustable-rate mortgage skyrocketed 18 basis points to 6.49 percent.

The benchmark 30-year fixed hasn't been this high since May 16, 2002, when it stood at 6.91 percent.