Freddie Mac’s most recent Primary Mortgage Market Survey shows average fixed-mortgage rates moved slightly lower for the week ending Sept. 8, helping to spur ongoing refinance activity. “The 30-year fixed-rate mortgage fell 2 basis points to 3.44 percent this week,” says Freddie Mac Chief Economist Sean Becketti. “As mortgage rates continue to range between 3.41 and 3.48 percent, many are
In today’s home-buying market, purchasers often are told they need to make a 20 percent down payment to avoid Private Mortgage Insurance (PMI)—a product that helps protect the bank or investor providing the mortgage from potential losses if borrowers end up defaulting on their loans. Before the housing crash of 2008, piggyback loans (or 80/20’s) were readily available as
When it comes to refinancing or purchasing a home, you might have the option to buy down the interest rate using discount points—or prepaid interest on the mortgage loan. A point is a fee equal to 1 percent of the loan amount. For example, a 30-year, $150,000 mortgage might have a rate of 7 percent but come with a charge
Thinking about foregoing your 30-year mortgage in favor of a home loan that lets you pay off what you owe in half the time? If you want fewer mortgage payments, less interest over the life of the loan and a lower interest rate, then you might want to consider a 15-year mortgage. According to Trulia.com, here are some reasons you
Confidence among the nation’s homebuilders is showing improvement, with the National Association of Home Builders/Wells Fargo Housing Market Index moving up from a July reading of 58 points to 60 in August. Any reading above 50 is considered positive for the index, which gauges builder perceptions of current single-family home sales and sales expectations for the next six months. The
Mortgage Rates Revert to Near 2016 Low Treasury yields fell for the week ending Aug. 4 following the Federal Open Market Committee’s meeting and a disappointing advance estimate for second-quarter gross domestic product. According to the most recent Freddie Mac Primary Mortgage Market Survey, mortgage rates—which had increased 7 basis points during the previous three weeks— responded by erasing most of those gains, falling 5 basis points to 3.43
Today’s mortgage rates remain near three-year lows, but everyone wants to know where they’re headed in the future. According to Realtor.com Chief Economist Jonathan Smoke, global economic concerns—most recently from the Brexit fallout—have kept mortgage rates low as investors seek refuge in dollar-denominated assets, U.S. bonds and U.S. mortgage–backed securities. In addition, the nation’s slowdown in economic growth as a
The fallout from Brexit has lessened during the past two weeks, permitting interest rates to rebound slightly from their record 10-year Treasury yield and near-record 30-year mortgage rate lows, according to Freddie Mac’s weekly Mortgage Rates Survey. During the week ending July 21, the 30-year fixed mortgage rate increased 3 basis points to a still low 3.45 percent. With the Federal Reserve on hold and the U.K.
Freddie Mac’s monthly Outlook for July shows that international concerns such as slowing growth in China and the Brexit vote in the U.K. have played a major role in decreased mortgage rates. In the most recent Primary Mortgage Market Survey, the 30-year fixed-rate mortgage fell to 3.41 percent, just slightly above the all-time record low. This is likely to result in a boost in housing activity, particularly refinancing,
Britain’s vote to exit the European Union continued to drive Treasury yields lower in the first week of July. Following that trend was the 30-year fixed-rate mortgage, which fell 7 basis points to 3.41 percent in mortgage finance agency Freddie Mac’s weekly mortgage rate survey. That means mortgage rates have now dropped 15 basis points during the past two weeks,
