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Tag Archives: Bankrate

Mortgage Rates Plunge to Post-Summer Lows

Freddie Mac released Thursday its Primary Mortgage Market Survey, which shows the 30-year fixed-rate mortgage (FRM) falling to an average rate of 4.13 percent (0.8 point) for the week ending October 24, down from 4.28 percent and the lowest level in about four months. "Mortgage rates slid this week as the partial government shutdown led to market speculation that the Federal Reserve will not alter its bond purchases this year," explained Frank Nothaft, VP and chief economist for Freddie Mac.

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Washington Gridlock Spells Quiet Week for Mortgage Rates

Fixed mortgage rates held more or less steady this week as Capitol Hill remained locked in debate over budgetary concerns. According to data in Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 4.23 percent (0.7 point) for the week ending October 10, just up from 4.22 percent last week. A year ago at this time, the 30-year FRM averaged 3.39 percent. Meanwhile, Bankrate.com recorded a fifth consecutive week of declines for fixed rates in its weekly national survey.

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Interest Rates Feel Effects of Government Shutdown

Freddie Mac's Primary Mortgage Market Survey showed average fixed rates dropping for the third straight week, with the 30-year fixed-rate mortgage (FRM) averaging 4.22 percent (0.7 point) for the week ending October 3, down a tenth of a percentage point. In addition to the government shutdown (which threatens to shave points off of GDP growth in Q4 if allowed to continue much longer), rates were brought down by a slip in consumer sentiment in September.

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Mortgage Rates Plunge to Lowest Levels in Months

According to Freddie Mac's Primary Mortgage Market Survey, the average interest rate for a 30-year fixed-rate mortgage (FRM) was 4.32 percent (0.7 point) for the week ending September 26, down to the lowest level since the week ending July 25. A year ago, the 30-year FRM averaged 3.40 percent. Declines were just as drastic in Bankrate.com's weekly national survey. The site reported a drop of nearly 20 basis points for the 30-year fixed, which ended the week at 4.47 percent.

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Consumers Remain Upbeat on Home Prices

Even as price increases start to lose momentum, the majority of Americans polled by finance site Bankrate.com anticipate more gains over the next year. According to Bankrate, 55 percent of Americans surveyed think prices will go up over the next 12 months, while 27 percent said they expect prices to stay flat. "It seems like Americans' love affair with real estate has returned," said Greg McBride, CFA, senior financial analyst for Bankrate, though he admitted there are still "some clear headwinds."

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