Tomball, Tx New Homes

According to the Mortgage Bankers Association, U.S. mortgage activity grew he week ended Friday with long-term mortgage interest rates mixed.

Interest rates for 30-year, fixed-rate mortgages dropped in the week from 4.29 percent to 4.25 percent with points decreasing from 0.41 to 0.35, according to the trade group.

Rates for 15-year, fixed-rate contracts increased from 3.46 percent to 3.47 percent with points unchanged at 0.45, the association stated.

According to the banking group, its weekly mortgage activity index increased 9.3 percent while the refinancing index grew 11.2 percent.

Source: builderonline.com

For a third straight week, fixed mortgage rates stayed at record lows.

They are likely to drop even further now that the Federal Reserve sttaed that it would mix up its holdings to drive down long-term interest rates.

The average rate on the 30-year fixed mortgage was unchanged at 4.09 percent last week. That’s the lowest rate seen since 1951.

According to Freddie Mac, the average rate on the 15-year mortgage decreased to 3.29 percent.

Economists are stating that that’s the lowest rate ever for the loan.

Mortgage rates tend to usually track the yield on the 10-year Treasury note.

The yield on the 10-year note touched 1.74 percent Thursday, one day after the Fed’s announcement.

Since, the Federal Reserve Bank of St. Louis started keeping daily records in 1962, that’s the lowest level.

The yield on the 10-year note was above 3 percent in July.

In order to calculate average mortgage rates, Freddie Mac surveys lenders across the U.S. Monday through Wednesday of each week.

Source: journalgazette.net

Sales of existing homes in Texas made a significant jump in August, increasing 27 percent from a year ago, according to the Texas A&M Real Estate Center.

The report shows that buyers in the 29-county North Texas region bought 6,822 homes last month.

In Tarrant County, 27 of 32 submarkets saw sales increase.

Sales increased 120 percent in southeast Arlington, 100 percent in central west Arlington/Pantego/Dalworthington Gardens and 87 percent in northeast Arlington.

This week, mortgage rates reached their lowest levels in several decades, with the average rate on a 30-year fixed mortgage dropping to 4.12 percent.

Source: builderonline.com

Average mortgage rates show an increase, while lowest rates remained at all-time lows according to the LendingTree Weekly Mortgage Rate Pulse.

LendingTree Weekly Mortgage Rate Pulse tracks the lowest and average mortgage rates offered by lenders on the LendingTree network.

On August 30, average home loan rates offered by LendingTree network lenders were 4.39% (4.66% APR) for 30-year fixed mortgages, 3.63% (4.05% APR) for 15-year fixed mortgages and 3.41% (3.69% APR) for 5/1 adjustable rate mortgages.

On the same day, the lowest mortgage rates offered by lenders on the LendingTree network were 3.75 percent (3.88% APR) for a 30-year fixed mortgage, 2.88 percent (3.11% APR) for a 15-year fixed mortgage and 2.50 percent (3.04% APR) for a 5/1 adjustable rate mortgages.

Doug Lebda, Chairman and CEO of LendingTree.com, stated "Although average rates are beginning to slightly increase from record-lows, qualified homeowners can still realize sizeable savings by refinancing".

Source: prnewswire.com

This week, fixed mortgage rates increased from their lowest levels in several years.

Few have been able to capitalize on them.

The average rate on the 30-year fixed mortgage grew to 4.22 percent, according to Freddie Mac.

That’s an increase from 4.15 percent last week, which is the lowest level on records dating to 1971.

The average rate on the 15-year fixed mortgage grew to 3.44 percent.

Last week it decreased to 3.36 percent.

Typically, mortgage rates track the yield on the 10-year Treasury note.

This week, yields increased as investors shifted money back into stocks.

In order to calculate average mortgage rates, Freddie Mac surveys lenders across the U.S. Monday through Wednesday of each week.

The average rate on a five-year adjustable-rate mortgage dropped to 3.07 percent.

Dating to January 2005, that’s the lowest rate on records.

It was the fourth consecutive week of record lows for this type of loan.

Source: builderonline.com

Mortgage loan application volume grew 4.1% on a seasonally adjusted basis for the week ended August 12 from the prior week, according to the Mortgage Bankers Association.

The refinance index increased 8% week over week as loan rates slipped, but remained 16.3% lower year over year.

The seasonally adjusted purchase index fell 9.1% from the prior week as potential homebuyers were cautious to make large purchases amid economic uncertainty.

Mike Fratantoni, MBA’s vice president of research and economics, stated "Unprecedented volatility in the stock market last week amid additional signs that the economy has slowed led to further drops in mortgage rates, with the 15-year rate reaching a new low for the MBA survey. Purchase application activity fell sharply over the previous week, likely the result of potential homebuyers hesitant to purchase in this highly volatile and uncertain environment."

Last week, a total of 78.8% of all loan applications were for refinancing existing mortgages, which is up from 75.6% in the prior week.

Since November 2010, it was the highest the refinance share has been as existing homeowners looked to take advantage of lower mortgage rates.

The average rate on a 30-year fixed mortgage fell to 4.32% last week, which is down from 4.37% in the prior week.

The 30-year fixed contract rate has dropped for three consecutive weeks and is at a new low for this year, the MBA stated.

Source: thestreet.com

U.S. mortgage rates for 30-year loans plunged to the lowest level in over eight months as the U.S.’s economic recovery showed signs of faltering.

According to Freddie Mac, the average rate for a 30-year fixed loan slipped to 4.39 percent in the week ended today from 4.55 percent.

The average 15-year fixed-loan rate dropped to a record 3.54 percent from 3.66 percent.

The rate for a 30-year fixed mortgage is the lowest since the week ended November 18, when it was 4.39 percent as well.

It decreased earlier in November to 4.17 percent, which is the lowest in Freddie Mac records dating to 1971.

Led by refinancing, U.S. mortgage applications increased 7.1 percent last week, according to the Mortgage Bankers Association in Washington.

The group’s refinancing index grew 7.8 percent in the period ended July 22 from the prior week.

Source: businessweek.com

This week, fixed mortgage rates were mostly unchanged, rising from their yearly lows.

According to Freddie Mac, the average rate on the 30-year fixed loan rose to 4.52 percent from 4.51 percent a week ago.

It hit its yearly low of 4.49 percent a month ago.

The average rate on the 15-year fixed loan increased to 3.66 percent from 3.65 percent, which is its low point for the year.

Mortgage rates usually track the yield on the 10-year Treasury note.

Yields drop when prices grow.

In the past week, yields have been stable.

Negotiations to increase the government’s $14.3 trillion borrowing limit have yet to produce a deal that can pass both chambers of Congress, although a bipartisan Senate plan has drawn support from President Obama.

In order to calculate average mortgage rates, Freddie Mac collects rates from lenders across the U.S. Monday through Wednesday of each week.

The average rate on a five-year adjustable-rate mortgage dropped to 3.27 percent from 3.29 percent last week.

Three weeks ago, it reached 3.25 percent, its lowest level on records dating back to 2005.

The average rate on the one-year adjustable loan grew to 2.97 percent from 2.95 percent.

It reached a record low last week.

The rates do not include points, also known as extra fees.

1 percent of the total loan amount is equal to one point.

Source: lowellsun.com

Current mortgage rates remain low and stable, and may decrease further this week.

The 30-year fixed mortgage rates are at 4.250% and 15-year fixed mortgage rates are at 3.5%.

Still below 3.000%, conforming 5/1 ARM loan rates are at 2.750%.

With a history of good credit, borrowers may obtain these low mortgage rates with 0.7 to 1% origination point.

Also, documentation for items such as assets and verifiable income is necessary in order to receive lender approval.

For borrowers, FHA mortgage loans continue to be the major choice.

With easier credit qualifying, FHA offers lower down payment requirements that can be as little as 3.5% as well.

Current FHA 30-year fixed mortgage interest rates are at 4.25% and FHA 15-year fixed mortgage interest rates are at 3.75%.

FHA 5/1 ARM loan rates are at 3.0%.

Also, borrowers may combine approved gifts and housing grants with FHA mortgage loans to decrease the down payment.

For high end borrowers, with the higher conforming loan limit that has been in place for quite some time, jumbo mortgage rates have remained low and available.

The jumbo 30-year fixed mortgage rates are at 5.000% and jumbo 15 year fixed mortgage rates are at 4.500%.

Jumbo 5/1 ARM loans rates are at 3.625%.

Source: freerateupdate.com

Currently, mortgage interest rates are at historic lows, and home prices have been low lately as well.

If you’re in the market for a new home, it’s a smart idea to take advantage of the low home prices and best mortgage rates.

Here are three reasons a low mortgage rate is key:

You’ll pay far less for your home. Even taking one or two percentage points off of your rate can reduce the total amount of interest expense you spend on your home.

There is a lower monthly mortgage payment. New homes could be expensive. If a lower mortgage payment allows you to put few hundred extra bucks every month in a savings account for house-related repairs and projects, all the better.

There is a locked low rate for the long term. If your mortgage is fixed, you’ll be safe from increasing interest rates when they begin to grow again.

Source: bankrate.com