Mortgage Rates Continue to Fall
After hitting record lows last week, the average rates on 30- and 15-year fixed mortgages dropped again.
According to Freddie Mac, the rate on a 30-year mortgage fell from 4.01 last week to 3.94 percent this week.
Meanwhile, the average rate on a 15-year fixed loan fell from 3.28 to 3.26 percent.
Source: Associated Press
Read MoreFixed Mortgage Rates Hit Record Low
Average fixed rates for 30- and 15-year mortgages hit a record low this week, according to data released yesterday by Freddie Mac.
The average rate on a 30-year fixed-rate mortgage was 4.01 percent (0.7 point) for the week ending Sept. 29. That’s the lowest rate since the mortgage buyer began keeping records in 1971.
The rate is down from 4.09 percent last week and 4.32 percent a year ago. The lowest rates were in the nation’s West region, which recorded an average rate of 3.95 percent for the week.
Even lower was the average fixed rate on a 15-year mortgage, which was 3.28 percent (0.7 point). Economists say that’s the lowest rate ever for the loan. That’s just under last week’s 3.29 percent average, but well below 3.75 percent a year ago.
Meanwhile, interest rates for adjustable-rate mortgages were virtually unchanged.
Source: DSNews.com
Read MoreMortgage Rates Drop Below 5%
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For more info:
www.TheMattesonGroup.com
Coldwell Banker Apex, Realtors
214.405.3640
Your trusted real estate advisors providing a joy filled experience!
KEY RATE CUT TO NEAR ZERO
The Federal Reserve today cut its key interest rate to a range of between 0 percent and 0.25 percent, marking the first time the Fed has cut rates below 1 percent.
The rate had previously been at 1 percent, and most investors were expecting the Fed to cut rates to either 0.25 percent or 0.5 percent.
The Fed said it expects to keep rates near that unprecedented level for some time to come.
Other central banks, notably the Bank of Japan, have taken rates down to near 0 percent in the past. Last week, the Swiss central bank cut its key rate to 0.5 percent.
Source: CNNMoney.com
Read MoreMORTGAGE APPLICATIONS MORE THAN DOUBLE
Mortgage applications more than doubled last week as government bailouts led to sinking interest rates that made refinancing especially attractive, the Mortgage Bankers Association reported this week.
The Market Composite Index — the organization’s measure of mortgage loan application volume — surged 112.1 percent on a seasonally adjusted basis from the week earlier.
On an unadjusted basis, the index increased 51.4 percent from the previous week, down 21.9 percent from a year earlier. Results included an adjustment to account for the Thanksgiving holiday.
Rates plummeted following the Fed’s announcement that it would buy debt and mortgage-backed securities from mortgage finance companies Fannie Mae and Freddie Mac.
The Mortgage Bankers Association said 30-year fixed-rate mortgages fell to 5.47 percent this week, down from 5.99 percent last week.
Rates on 15-year fixed-rate mortgages fell to 5.13 percent from 5.78 percent.
The report’s Refinance Index increased 203.3 percent to 3802.8 from the previous week, and the seasonally adjusted Purchase Index increased 37.4 percent.
Source: CNNMoney.com
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