Tag Archives: Mortgage Rates

Fixed mortgage rates continued their uphill climb following promising housing gains in July, but the upward trend might be short-lived. According to Freddie Mac's weekly Primary Mortgage Market Survey, the 30-year fixed rate mortgage averaged 3.66 percent (0.7 point) for the week ending August 23, up from 3.62 percent the previous week. The 15-year FRM also slid up, averaging 2.89 percent (0.6 point). A week ago, the 15-year fixed averaged 2.88 percent. Meanwhile, the 5-year adjustable-rate mortgage averaged 2.80 percent (0.6 point), up from 2.76 percent in the last survey.

According to a recent report by J.D. Power and Associates, home buyer satisfaction with national real estate companies fell to its lowest level in the history of the five-year-old survey, a record low on par with mortgage rates. The firm said that overall satisfaction slipped to 789 on a 1,000-point scale, down from 797 in 2011. Seller satisfaction followed the trend by averaging 768, down from 779 from the same time frame. The study tied real estate companies viewed more favorably by buyers and sellers to the frequency with which these companies capture a sizeable proportion of the listing price.

Could mortgage rates be on their way back? That's what today's mortgage rates just may suggest. Freddie Mac reported that the 30-year fixed-rate mortgage ticked up by a few basis points to arrive at 3.62 percent, up from 3.59 percent last week. The GSE also found interest rates for the 15-year home loan averaging 2.88 percent, with 5-year and 1-year adjustable-rate mortgages crawling to 2.76 percent and 2.69 percent, respectively. Bankrate.com likewise saw upward-bound changes in mortgage rates this week.

Mortgage applications decreased 4.5 percent over the week last week with most of the decrease occurring among refinance applications, according to the latest survey from the Mortgage Bankers Association. Refinance activity fell 5 percent compared to the previous week, while purchase activity declined 2 percent. Refinance applications continue to make up a majority of applications, taking an 81 percent share of total mortgage application activity for the week ending August 10. Adjustable-rate mortgages made up 4 percent of total applications for the week.

After reaching a record high of 77.5 percent in the first quarter of this year, housing affordability declined to 73.8 percent in the second quarter of this year, according to the Housing Opportunity Index. The HOI measures the percentage of homes sold in a particular quarter that are affordable to those earning at the median income level. In the second quarter, 73.8 percent of homes sold were affordable to those earning the national median income of $65,000. Fairbanks, Alaska, posted the highest affordability rate.

The 30-year fixed-rate mortgage slipped to 3.42 percent this week as market watchers waited for news about the economy. Zillow found the benchmark home loan falling from 3.44 percent last week, only after peaking at 3.47 percent on Wednesday. Interest rates for the 15-year fixed-rate mortgage averaged 2.76 percent, while those for 5-year and 1-year adjustable-rate mortgages hovered around 2.4 percent. Mortgage rates zigzagged across much of the rest of the country, falling 12 basis points in New York but rising by three basis points in Illinois.

Strong employment reports boosted mortgage rates back up for the second week in a row, Freddie Mac reported Thursday. The GSE's Primary Mortgage Market Survey shows the 30-year fixed averaging 3.59 percent for the week ending August 9, an increase from 3.55 percent the previous week. The 15-year fixed also posted gains, averaging 2.84 percent for the week, up from 2.83 percent a week ago. The 5-year adjustable-rate mortgage followed, increasing to 2.77 percent from 2.75 percent the week before.

Stalled confidence in the economy and personal finances apparently hasn├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ót brought down optimism in the housing market. Fannie Mae released its July 2012 National Housing Survey Tuesday, showing that consumer optimism regarding the slowly recovering housing market remained strong during the month. Survey respondents said they expect home prices to increase 1.7 percent in the next year, slightly down from the 2.0 percent survey high recorded in June, while 11 percent believe they will drop.

Freddie Mac announced Thursday that after more than three months of record-low drops, mortgage rates slid up this week. Freddie Mac's survey showed that the 30-year fixed-rate mortgage averaged 3.55 percent (0.7 point) for the week ending August 2, up from 3.49 percent the previous week. Before this week, the average 30-year FRM had fallen to or matched record-low levels for 13 of the past 14 weeks. The 15-year FRM also slid up, averaging 2.83 percent (0.6 point) from 2.80 percent last week.

Higher asking prices drove off foreign homebuyers and investors over the last year, with real estate firm citing a 10 percent decline in foreign interest for the U.S. housing market. Releasing its International House Hunter Report Thursday, Trulia found that asking prices rose 0.3 percent year-over-year, nixing helpful influence from still-falling home prices. The housing bust attracted a number of foreign and cash buyers interested in low prices and the safe haven of U.S. real estate investment, according to Trulia.