Tag Archives: Mortgage rates

Mortgage rates average 4.65% | Katonah Real Estate

MCLEAN, Va., Sept. 20, 2018 (GLOBE NEWSWIRE) — Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that mortgage rates rose for the fourth consecutive week.

Sam Khater, Freddie Mac’s chief economist, says the 30-year fixed-rate mortgage increased once again to its highest level since May. “Mortgage rates are drifting upward again and represent continued affordability challenges for prospective buyers – especially first-time buyers,” he said. “Borrowing costs are moving right now for three main reasons: the very strong economy, higher U.S. government debt issuances and global trade tensions.”

Added Khater, “Amidst this four-week climb in mortgage rates, the welcoming news is that purchase applications have risen on an annual basis for five consecutive weeks. However, given the widespread damage caused by Hurricane Florence in the Carolinas, the next few months of housing activity will likely be somewhat volatile.”

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.65 percent with an average 0.5 point for the week ending September 20, 2018, up from last week when it averaged 4.60 percent. A year ago at this time, the 30-year FRM averaged 3.83 percent. 
  • 15-year FRM this week averaged 4.11 percent with an average 0.5 point, up from last week when it averaged 4.06 percent. A year ago at this time, the 15-year FRM averaged 3.13 percent. 
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.92 percent with an average 0.4 point, up from last week when it averaged 3.93 percent. A year ago at this time, the 5-year ARM averaged 3.17 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

Current mortgage rates | South Salem Real Estate

30-year fixed mortgages

The average rate you’ll pay for a 30-year fixed mortgage is 4.33 percent, an increase of 2 basis points over the last week. A month ago, the average rate on a 30-year fixed mortgage was lower, at 4.31 percent.

At the current average rate, you’ll pay a combined $496.63 per month in principal and interest for every $100,000 you borrow. That’s $1.17 higher compared with last week.

You can use Bankrate’s mortgage calculator to estimate your monthly payments and find out how much you’ll save by adding extra payments. It will also help you calculate how much interest you’ll pay over the life of the loan.

15-year fixed mortgages

The average 15-year fixed-mortgage rate is 3.76 percent, up 3 basis points over the last seven days.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $728 per $100,000 borrowed. The bigger payment may be a little harder to find room for in your monthly budget than a 30-year mortgage payment would, but it comes with some big advantages: You’ll save thousands of dollars over the life of the loan in total interest paid and build equity much more rapidly.

5/1 ARMs

The average rate on a 5/1 ARM is 4.11 percent, sliding 10 basis points over the last 7 days.

These types of loans are best for those who expect to sell or refinance before the first or second adjustment. Rates could be substantially higher when the loan first adjusts, and thereafter.

Monthly payments on a 5/1 ARM at 4.11 percent would cost about $484 for each $100,000 borrowed over the initial five years, but could increase by hundreds of dollars afterward, depending on the loan’s terms.

Where rates are headed

To see where Bankrate’s panel of experts expect rates to go from here, check out our Rate Trend Index.

Want to see where rates are right now? See local mortgage rates.

Average mortgage rates
Product Rate Change Last week
30-year fixed 4.33% +0.02 4.31%
15-year fixed 3.76% -0.03 3.73%
30-year fixed jumbo 4.59% -0.01 4.60%
30-year fixed refinance 4.31% +0.03 4.28%

Last updated: March 21, 2018.

Methodology: The rates you see above are Bankrate.com Site Averages. These calculations are run after the close of the previous business day and include rates and/or yields we have collected that day for a specific banking product. Bankrate.com site averages tend to be volatile — they help consumers see the movement of rates day to day. The institutions included in the “Bankrate.com Site Average” tables will be different from one day to the next, depending on which institutions’ rates we gather on a particular day for presentation on the site.

 

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https://www.bankrate.com/mortgages/rates/mortgage-rates-for-wednesday-march-21/

Fed raises rates | Pound Ridge Real Estate

Federal Reserve officials, meeting for the first time under Chairman Jerome Powell, raised the benchmark lending rate a quarter-point and forecast a steeper path of hikes in 2019 and 2020, citing an improving economic outlook. Policy makers continued to project a total of three increases this year.

“The economic outlook has strengthened in recent months,” the policy-setting Federal Open Market Committee said in a statement Wednesday in Washington. Officials repeated previous language that they anticipate “further gradual adjustments in the stance of monetary policy.”

The upward revision in their rate path suggests Fed officials are looking through soft first-quarter economic reports and expect a lift this year and next from tax cuts passed by Republicans in December. Financial conditions have tightened since late January as investors look for signs that the central bank might raise rates at a faster pace, while forecasters predict stronger U.S. growth and tight labor markets.

The vote to lift the federal funds rate target range to 1.5 percent to 1.75 percent was a unanimous 8-0.

The latest set of quarterly forecasts forecasts showed that policy makers were divided over the outlook for the benchmark interest rate in 2018. Seven officials projected at least four quarter-point hikes would be appropriate this year, while eight expected three or fewer increases to be warranted.

In the forecasts, U.S. central bankers projected a median federal funds rate of 2.9 percent by the end of 2019, implying three rate increases next year, compared with two 2019 moves seen in the last round of forecasts in December. They saw rates at 3.4 percent in 2020, up from 3.1 percent in December, according to the median estimate.

Inflation Pickup

In another change to the statement, the Fed said inflation on an annual basis is “expected to move up in coming months,” after saying “move up this year” in the January statement. Price gains are still expected to stabilize around the Fed’s 2 percent target over the medium term, the FOMC said.

The central bank’s preferred price gauge rose 1.7 percent in the 12 months through January and officials projected it to rise to 2 percent in 2019 and hit 2.1 percent the following year, the latest estimates showed. The estimates for inflation excluding food and energy, which officials see as a better way to gauge underlying price trends, rose to 2.1 percent in 2019 and 2020 from 2 percent seen in December.

“Job gains have been strong in recent months, and the unemployment rate has stayed low,” the FOMC said. The statement said that household spending and business investment “have moderated” from strong fourth-quarter readings.

The statement also repeated previous language that “near-term risks to the economic outlook appear roughly balanced.”

Powell will hold his first post-FOMC press conference at 2:30 p.m. local time.

Supply, Demand

The Fed’s goal is to keep supply and demand in balance in the economy amid a tight labor market, without lifting borrowing costs so quickly that the economy stalls.

Officials have had to factor in the impact of fiscal stimulus signed by President Donald Trump since their previous projections.

The median estimate for economic growth this year rose to 2.7 percent from 2.5 percent in December, signaling confidence in U.S. consumers despite recent weak readings on retail sales that have pushed down tracking estimates of first-quarter activity. The 2019 estimate rose to 2.4 percent from 2.1 percent.

The committee’s forecast for the long-run sustainable growth rate of the economy was unchanged at 1.8 percent, suggesting policy makers are still skeptical of the effect of tax cuts on the economy’s capacity for growth. The 2020 gross domestic product growth median projection was also unchanged at 2 percent.

While U.S. unemployment of 4.1 percent is the lowest since 2000, wage growth has remained moderate and inflation has been below the Fed’s target for most of the last five years.

The median projection for the long-run fed funds rate ticked up to 2.9 percent from 2.8 percent in December. The Fed had been gradually reducing its estimate of the long-run neutral fed funds rate since it began publishing its calculations in January 2012.

 

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https://www.bloomberg.com/news/articles/2018-03-20/

Mortgage rates average 4.02% | Mt. Kisco Real Estate

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed mortgage rate remaining around four percent for the fifth consecutive week.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.02 percent with an average 0.5 point for the week ending May 18, 2017, down from last week when it averaged 4.05 percent. A year ago at this time, the 30-year FRM averaged 3.58 percent.
  • 15-year FRM this week averaged 3.27 percent with an average 0.5 point, down from last week when it averaged 3.29 percent. A year ago at this time, the 15-year FRM averaged 2.81 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.13 percent this week with an average 0.5 point, down from last week when it averaged 3.14 percent. A year ago at this time, the 5-year ARM averaged 2.80 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quote
Attributed to Sean Becketti, chief economist, Freddie Mac.

“The 30-year mortgage rate fell 3 basis points this week to 4.02 percent. However, this week’s survey closed prior to Wednesday’s flight to quality. The delayed impact of the associated decline in Treasury yields may push mortgage rates lower in next week’s survey.”

Mortgage rates rise slightly | Cross River Real Estate

Multiple closely watched mortgage rates moved higher today. The average rates on 30-year fixed and 15-year fixed mortgages both rose. The average rate on 5/1 adjustable-rate mortgages, meanwhile, also increased.

Rates for mortgages are constantly changing, but they continue to represent a bargain compared to rates before the Great Recession. If you’re in the market for a mortgage, it may make sense to lock if you see a rate you like. Just make sure you shop around first.

30-year fixed mortgages

The average 30-year fixed-mortgage rate is 3.89 percent, up 4 basis points over the last week. A month ago, the average rate on a 30-year fixed mortgage was higher, at 3.99 percent.

At the current average rate, you’ll pay principal and interest of $471.10 for every $100,000 you borrow. That’s an increase of $2.29 over what you would have paid last week.

15-year fixed mortgages

The average 15-year fixed-mortgage rate is 3.10 percent, up 5 basis points from a week ago.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $695 per $100,000 borrowed. The bigger payment may be a little harder to find room for in your monthly budget than a 30-year mortgage payment would, but it comes with some big advantages: You’ll save thousands of dollars over the life of the loan in total interest paid and build equity much more quickly.

5/1 ARMs

The average rate on a 5/1 ARM is 3.16 percent, up 5 basis points over the last 7 days.

These types of loans are best for those who expect to sell or refinance before the first or second adjustment. Rates could be substantially higher when the loan first adjusts, and thereafter.

Monthly payments on a 5/1 ARM at 3.16 percent would cost about $430 for each $100,000 borrowed over the initial five years, but could increase by hundreds of dollars afterward, depending on the loan’s terms.

 

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http://www.bankrate.com/financing/mortgages/mortgage-rates-for-monday-may-1/

Mortgage rates average 4.14% | Bedford Hills Real Estate

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average mortgage rates dropping for the second consecutive week.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.14 percent with an average 0.5 point for the week ending March 30, 2017, down from last week when it averaged 4.23 percent. A year ago at this time, the 30-year FRM averaged 3.71 percent.
  • 15-year FRM this week averaged 3.39 percent with an average 0.4 point, down from last week when it averaged 3.44 percent. A year ago at this time, the 15-year FRM averaged 2.98 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.18 percent this week with an average 0.4 point, down from last week when it averaged 3.24 percent. A year ago, the 5-year ARM averaged 2.90 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quote
Attributed to Sean Becketti, chief economist, Freddie Mac.

“The 10-year Treasury yield remained relatively flat this week. The 30-year mortgage rate fell 9 basis points to 4.14 percent, another significant week-over-week decline. Despite recent mortgage rate fluctuation, new home sales far exceeded expectations in February and jumped 6.1 percent to an annualized rate of 592,000.”

Mortgage rates average 4.23% | Chappaqua Real Estate

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average mortgage rates dropping after two consecutive weeks of increases.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.23 percent with an average 0.5 point for the week ending March 23, 2017, down from last week when it averaged 4.30 percent. A year ago at this time, the 30-year FRM averaged 3.71 percent.
  • 15-year FRM this week averaged 3.44 percent with an average 0.5 point, down from last week when it averaged 3.50 percent. A year ago at this time, the 15-year FRM averaged 2.96 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.24 percent this week with an average 0.4 point, down from last week when it averaged 3.28 percent. A year ago, the 5-year ARM averaged 2.89 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quote
Attributed to Sean Becketti, chief economist, Freddie Mac.

“The 10-year Treasury yield fell about 10 basis points this week. The 30-year mortgage rate moved with Treasury yields and dropped 7 basis points to 4.23 percent. This marks the greatest week-over-week decline for the 30-year mortgage rate in over two months, a stark contrast from last week’s jump following the FOMC announcement.”

Mortgage rates average 4.15% | North Salem Real Estate

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average mortgage rates slightly falling for the second consecutive week.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.15 percent with an average 0.5 point for the week ending Feb. 16, 2017, down from last week when it averaged 4.17 percent. A year ago at this time, the 30-year FRM averaged 3.65 percent.
  • 15-year FRM this week averaged 3.35 percent with an average 0.5 point, down from last week when it averaged 3.39 percent. A year ago at this time, the 15-year FRM averaged 2.95 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.18 percent this week with an average 0.4 point, down from last week when it averaged 3.21 percent. A year ago, the 5-year ARM averaged 2.85 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quote
Attributed to Sean Becketti, chief economist, Freddie Mac.

“For the last 46 years, the 30-year mortgage rate has been almost perfectly correlated with the yield on the 10-year Treasury, but not this year. From Dec. 29, 2016, through today, the 30-year mortgage rate fell 17 basis points to this week’s reading of 4.15 percent. In contrast, the 10-year Treasury yield began and ended the same period at 2.49 percent. While we expect mortgage rates to fall into line with Treasury yields shortly, this just may be a year full of surprises.”

Mortgage rates up to 4.08% | Bedford Hills Real Estate

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving higher for the fifth consecutive week.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.08 percent with an average 0.5 point for the week ending December 1, 2016, up from last week when it averaged 4.03 percent. A year ago at this time, the 30-year FRM averaged 3.93 percent.
  • 15-year FRM this week averaged 3.34 percent with an average 0.5 point, up from last week when it averaged 3.25 percent. A year ago at this time, the 15-year FRM averaged 3.16 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.15 percent this week with an average 0.4 point, up from last week when it averaged 3.12 percent. A year ago, the 5-year ARM averaged 2.99 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quote
Attributed to Sean Becketti, chief economist, Freddie Mac.

“The 10-year Treasury yield remained flat despite an upward revision to third quarter GDP. The 30-year mortgage rate rose 5 basis points to 4.08 percent, rising a total of 51 basis points in three short weeks. With mortgage rates at the highest we’ve seen this year, borrowers are now backpedaling on refinance opportunities. The latest Weekly Applications Survey results from the Mortgage Bankers Association show refinance activity down 16 percent week over week.”

Mortgage rates average 4.03% | Pound Ridge Real Estate

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving higher with the average 30-year fixed-rate mortgage topping 4 percent for the first time since 2015.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.03 percent with an average 0.5 point for the week ending November 23, 2016, up from last week when it averaged 3.94 percent. A year ago at this time, the 30-year FRM averaged 3.95 percent.
  • 15-year FRM this week averaged 3.25 percent with an average 0.5 point, up from last week when it averaged 3.14 percent. A year ago at this time, the 15-year FRM averaged 3.18 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.12 percent this week with an average 0.4 point, up from last week when it averaged 3.07 percent. A year ago, the 5-year ARM averaged 3.01 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quote
Attributed to Sean Becketti, chief economist, Freddie Mac.

“In a short week leading up to the Thanksgiving holiday, the 10-year Treasury yield rose 8 basis points. The 30-year mortgage rate followed suit, rising 9 basis points to 4.03 percent. This increase marks the first week since 2015 that mortgage rates have risen above 4 percent.”