Mortgage rates stayed in the basement this week, as mortgage-backed securities that fund the vast majority of home loans continued to look like a safe bet to investors.
Rates on 30-year fixed-rate mortgages averaged 3.39 percent with an average 0.7 point for the week ending Nov. 1, down from 3.41 percent last week and 4.00 percent a year ago, Freddie Mac said in releasing the results of its latest Primary Mortgage Market Survey. Rates for 30-year fixed-rate loans hit an all-time low in Freddie Mac records dating to 1971 of 3.36 percent during the week ending Oct. 4.
For 15-year fixed-rate loans, rates averaged 2.70 percent with an average 0.7 point, down from 2.72 percent last week and 3.31 percent a year ago. Rates for 15-year fixed-rate loans reached an all-time low in Freddie Mac records dating to 1991 of 2.66 percent during the week ending Oct. 18.
Rates on 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans averaged 2.74 percent with an average 0.6 point, down from 2.75 percent last week and 2.96 percent a year ago. Rates on five-year ARM loans hit a low in records dating to 2005 of 2.69 percent during the week ending July 19.
For 1-year Treasury-indexed ARMs, rates averaged 2.58 percent with an average 0.4 point, down from 2.59 percent last week and 2.88 percent a year ago. Rates on one-year ARM loans hit an all-time low in records dating to 1984 of 2.57 percent during the week ending Oct. 4.
A weekly survey by the Mortgage Bankers Association showed demand for purchase mortgages was up a seasonally adjusted 1 percent during the week ending Oct. 26 when compared to the week before, and up 6 percent from the same week a year ago.
Members of the Federal Reserve’s Open Market Committee said last week they expect to keep their target for short-term interest rates at “exceptionally low levels” at least through mid-2015.
The Fed is also keeping mortgage rates low, by boosting purchases of mortgage-backed securities guaranteed by Fannie Mae and Freddie Mac by $40 billion a month. Economists at Fannie Mae think the open-ended program may continue through next year and into 2014.
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Mortgage insurers won’t stand in the way of Fannie and Freddie short sales | Bedford NY Real Estate
Starting tomorrow, mortgage giants Fannie Mae and Freddie Mac have a green light from nine private mortgage insurers to approve short sales for distressed borrowers without a separate review.
Fannie and Freddie require that borrowers take out mortgage insurance if they are making down payments of less than 20 percent of the value of the home they are financing. Letting loan servicers working for Fannie and Freddie approve short sales and deeds in lieu of foreclosure without a separate review by mortgage insurers has the potential to reduce costs, delays and uncertainty, Freddie Mac said in announcing the move.
The nine mortgage insurers that have agreed to expedite short sales are CMG Mortgage Insurance Co., Essent Guaranty Inc., Genworth Mortgage Insurance Corp., Mortgage Guaranty Insurance Corp., PMI Mortgage Insurance Co., Radian Guaranty Inc., Republic Mortgage Insurance Co., Triad Guaranty Insurance Corp., and United Guaranty Corp.
In announcing the new agreement, Fannie Mae said it previously had individual delegation agreements with the “majority of its top mortgage insurers.” Having a standard delegation agreement in place all nine mortgage insurers makes the approval process “more consistent and efficient for servicers and borrowers.”
The new delegation agreement allows loan servicers to approve any short sale or deed-in-lieu that meets Fannie and Freddie’s requirements without individual mortgage insurance approval.
“We applaud the nation’s mortgage insurers for committing to work with us and our servicers to help more borrowers obtain short sales and other foreclosure alternatives,” said Tracy Mooney, senior vice president for loan servicing and REO at Freddie Mac, in a statement. “By paving the way for more borrowers to avoid foreclosure, today’s announcement will support the housing recovery and help reduce taxpayer losses.”
Fannie and Freddie’s new streamlined short sale approval process also goes into effect tomorrow. The mortgage giants will offer up to $6,000 to second-lien holders to expedite a short sale, and reduce or eliminate paperwork requirements for borrowers who have missed several loan payments, have low credit scores, or have serious financial hardship.
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Bounce Rates High? Why? | Bedford NY Real Estate
Most bloggers I know want to reduce their bounce rates. Sometimes it can seem as if it doesn’t matter what the bounce rate for a page actually is, we want it to be lower!
While it’s a stretch to expect we’ll hit a zero bounce rate, for most bloggers, it is worth looking at your bounce rates regularly, and trying to find ways to reduce them where appropriate.
While blogging’s about people—not just numbers—bounce rates can give you hints about the ways individuals are using your blog, and where you can help them out. In this post, I’d like to explain that in a bit more detail.
What is a bounce?
You undoubtedly know what a bounce is—a user who lands on our page from an external source, then leaves our blog without looking at any other pages. It’s a “single pageview” usage of our site.
But what does a bounce mean?
- Did the reader get what they came for, and leave?
- Were they disappointed by what they saw on your blog page?
- Did they arrive at the page expecting to see something else?
- Is the content current and compelling—and clearly so?
- Is it clear from a single glance at the page what your blog is, does, and delivers?
- Are there clear paths from that page to other actions or information that are likely to meet the needs of target users?
- Are the bouncers regular readers who check out all your posts, so each time they just come to the latest one, read it, and go again>
Understanding the possible reasons for the bounce is an important step in doing something to reduce the bounce rate itself. Let’s look at a case study from ProBlogger to see exactly how the diagnosis of reasons for a high bounce rate can go.
The bounces, and the page
On a usual trawl through the site’s stats one month, I spotted this:
These stats were for a single month. As you can see, this page attracted some good views, and almost 95% of them were from new visitors! But the bounce rate was really high, the time on site low, and the average visit duration? Terrible!
My first thought was to visit the page itself. It didn’t take me long to find a few issues—let’s step through some of the main ones I found (note that I’ve updated the post since, so these items have been addressed on the live page):
- The opening dated the article. This piece has a publication date of 2008, but even if the new visitors didn’t see that, the opening, which would have been fine at that time, was written when I was a Twitter newbie—not ideal these days!
- This problem was amplified by the outdated Twitter follower number I’d quoted. I mentioned in the post that I had 5500 followers; now that number’s over 160,000.
- I’d included a link to Twitip in the opening. This immediately pulled readers through to one of my other sites, which doesn’t generate any income. While the content had been valuable, that site’s a bit dated now, due to a lack of regular updates. It certainly seemed smarter to try to keep these new visitors on problogger.com a bit longer, rather than syphon them off to Twitip.
- Much of the content in the article itself was dated.
- The post didn’t provide many links to other great articles we have on topics like Twitter, Facebook, Pinterest, and other social networks, and social network engagement strategies, here at ProBlogger—simply because that information wasn’t available back in 2008 when I’d written the post.
Yep, this page was pretty outdated! But I bet most sites that have been around for a while will probably have a page or two that are in a similar state.
Sources of bouncing traffic
Okay, so I knew I had a problem with the content of the page—and there were plenty of opportunities to improve it. But in order to make the right improvements—improvements that would give me the best chance of reducing that bounce rate by actually meeting individuals’ expectations—I wanted to know what the users were expecting to see when they came to the page. What needs did they have?
So I took a look at the traffic sources for the page:
This was interesting. For any blog that gets a lot of its new traffic from search engines, you might expect the main traffic source to be Google. And when I first looked at the page in question, I’d imagined that most of the traffic to this page was coming from search and being pulled to Twitip. In fact, the traffic was coming from Twitip.
Understanding how the page is being used
Now I was getting a pretty clear idea of how this page was being used, and why the bounce rate was so high.
Twitip users were following a link from that site to this article. The second paragraph of the post was directing them right back to Twitip. In that case, would they feel that ProBlogger was more of an authority on Twitter than Twitip? Not likely. No wonder the bounce rate was so high!
But, as expected, Google was also among the top three referrers, and that traffic had a bounce rate of more than 90%.
Beyond content
Knowing that this page was being visited mainly by new users, it was worth looking beyond the content itself, to the page’s layout, branding, and design.
This page is laid out in the same way as the others on my blog, many of which—even if they mainly attract new users—don’t have such high bounce rates. This suggests that the layout probably isn’t the problem.
Now, the major call to action—the main point of engagement and interaction—on my blog’s content pages is to comment. Comments had long since closed on this post, so users may have struggled to find their way to other relevant content on the site at the post’s end. I’d included a Further Reading list there, but the articles were no longer current.
Yet, given how outdated the post was, and the tiny average visit duration, I guessed the visitors I was getting probably weren’t making it that far through the post anyway.
Understanding your bounces
As you can see, a little sleuthing can go a long way in helping you to understand the reasons for high bounce rates.
I try not to be thrown into a panic by the numbers alone. When I look a little deeper, I usually hit on more information that can help you take action on the bounces—if indeed that’s what you want.
In the case of this page, we made some tweaks to bring the content up to date an try to draw search traffic more deeply into the site.
But the reality for the high bounce rate from Twitip users is this: Twitip targets a different audience from ProBlogger. While it’s not unlikely that bloggers will read Twitip, that site is at once far more focused (Twitter tips only!) than this one, and more broad (it targets anyone who wants to use Twitter better—which could include casual, social users of the network, right through to online marketers in corporate environments).
So while ProBlogger contains Twitter tips, to try to convert traffic from Twitip into readers of this blog is probably a bit of a challenge. The two audiences want different things. While it was definitely worthwhile updating the ProBlogger post, the Twitip audience, on the whole, probably isn’t going to be interested in what we’re doing over here.
And that’s an important thing to realise: not all bounces are bad, and not all need addressing. Many do and will, and they’re the ones you’re better to spend your time trying to fix. But you won’t be able to work out which ones they are unless you take a few minutes to dig into the facts behind the bounces in the first place—to think about the individual users behind the numbers.
What do you do about your blog’s bounce rates? Have you been able to lower bounce rates through any specific tactics? I’d love to hear your tips in the comments.










