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Tag Archives: Treasury Yields

Mortgage Rates Streak Past Records to Hit New Lows

Lingering worries about the European debt crisis continue to drive investors to U.S. government bonds, sending fixed mortgage rates down to another record low. According to Freddie Mac├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós Primary Mortgage Market Survey, the 30-year fixed-rate mortgage averaged 3.49 percent (0.7 point) for the week ending July 26, down from 3.53 percent the previous week. At the same time in 2011, the 30-year FRM averaged 4.55 percent. Adjustable rate mortgages actually saw a small boost, with the 5-year ARM averaging 2.74 percent (0.6 point), an increase from 2.69 percent the previous week.

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Housing Gains Foothold as Mortgage Rates Dip

The third week of July brought news of more mortgage rate lows, according to Freddie Mac. The GSE found the 30-year fixed-rate mortgage averaging 3.53 percent (0.7 point), down from 3.56 percent from the past week and 4.52 percent from the year before. In all of 2012, the average 30-year home loan has only scaled to 4 percent or higher for one week. The average 15-year mortgage for the week was 2.83 percent (0.6 point), down from 2.86 percent the week before and 3.66 percent at the same time in 2011.

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HARP Refinance Volume Highest Since 2009: FHFA

More underwater borrowers are choosing to refinance their mortgages under the Home Affordable Refinance Program than at any time since the government program launched in 2009, according to the Federal Housing Finance Agency. The regulatory agency released a report Monday that found total refinance volume up by 20 percent in May. The reasons why? According to the FHFA, record-low interest rates for 30-year fixed-mortgages couple with recent modifications to HARP to create the conditions for a refi boom.

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Mortgage Rates Tumble on Disappointing Jobs Report

Freddie Mac's latest Primary Mortgage Market Survey showed average fixed mortgage rates finding yet another record low. The 30-year fixed-rate mortgage averaged 3.56 percent (0.7 point) this week, down from 3.62 percent the previous week. At the same time last year, the 30-year loan averaged 4.51 percent. This week marks the fourth month that the 30-year average has stayed below 4 percent. The 15-year fixed-rate mortgage also fell, averaging 2.86 percent (0.7 point), a drop from 2.89 percent last week. A year ago, the 15-year fixed averaged 3.65 percent.

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FOMC Moves Modestly to Boost Economy

Fed

With a lone dissent, the Federal Open Market Committee Wednesday voted no change in the target federal funds rate but agreed to expand its program to stimulate the economy by purchasing Treasury securities. The action is expected to keep mortgage rates at record lows. After the meeting, the FOMC released its quarterly forecast of the economy and interest rates with more members of the Committee seeing higher rates in 2014 than in the prior forecast. The FOMC said "growth in employment has slowed in recent months and the unemployment rate has declined but remains elevated."

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Mortgage Rates Bounce Up From Record Lows: Freddie Mac

Mortgage rates saw increases across the board after nearly two months in record-low territory, with Freddie Mac revealing in a weekly survey Thursday that the 30-year fixed-rate mortgage ticked up to 3.71 percent. The GSE found that the 30-year loan's increase ended a six-week streak of falling rates. At the same time last year, the fixed-rate mortgage averaged 4.50 percent. The 15-year FRM also slid up, averaging 2.98 percent (0.7 point). The average was 2.94 percent last week, according to Freddie Mac.

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Thirty-Year Loan Crashes Into New Low as Europe Scrambles

The crisis of confidence in Europe once again drove mortgage rates to record lows this week, with real estate Web site Zillow reporting that the 30-year fixed-rate mortgage slammed into 3.56 percent, the lowest it has recorded since it started surveying rates. Zillow said that the 30-year loan initially rose to 3.62 percent this week after euro zone authorities decided to bail out Spain with favorable terms. The rate for a 15-year loan hovered at 2.95 percent, while interest rates for 5-year and 1-year adjustable-rate mortgages averaged 2.68 percent.

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Fixed Mortgage Rates Continue to Break Record Lows

As the debt crisis in Europe continues to worsen and investors look to Treasury bonds for security, fixed mortgage rates fell to all-time record lows in the last week of May. According to the results of Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed averaged 3.75 percent with an average 0.8 point for the week ending May 31. This is down from 3.88 percent the previous week and 4.55 percent at the same time last year. The 15-year fixed rate mortgage also fell, bringing three of the four benchmark mortgage rates under 3 percent.

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Refi Boom Set to Fuel $200B More Originations in 2012

A surge in refinance applications could propel mortgage originations by more than $200 billion in 2012, increasing to $1.28 trillion, according to the Mortgage Bankers Association. The trade group attributed estimates ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô upwardly revised from $1.26 trillion in 2011 ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô to account for a refinance boom sparked by the crises in debt-saddled Europe. The MBA said that it expected refinance originations would amount to $870 billion this year, an amount nearly identical to forecasts from last year, when HARP led the way in estimates.

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Refinance Applications Spike as Investors Leave Europe: MBA

Investors fleeing Europe once more helped drive mortgage refinance applications to 3.8 percent this week, up from the week before, according to the Mortgage Bankers Association. The MBA's Refinance Index climbed 5.6 percent from the week before, signaling a rise for the third consecutive week and helping reach highs not seen since February earlier this year. The four-week moving average ticked up by 4.83 for the index. The refinance share of mortgage activity leapt to 76.6 percent of total application volume.

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