Mortgage Rate Update Ending 8/19/2010
August 23, 2010
Bankrate.com conducts a weekly national survey on the interest rates for the five most common consumer banking products. Here’s the outcome for 8/19/2010:
- 30 Year Fixed Rate: 4.63 percent
- 30 Year Fixed Rate Jumbo: 5.26 percent
- 15 Year Fixed Rate: 4.11 percent
- 5/1 ARM (Adjustable): 3.95 percent
- 1 Year ARM (Adjustable): 4.80 percent
According to the Mortgage Bankers Association:
- Mortgage applications rose 13 percent when compared to a week earlier
- Refinance applications shot up 17.1 percent when compared to a week earlier
- Applications for new purchases fell 3.4 percent
Mortgage Rate Update Ending 05/06/10
May 10, 2010
Bankrate.com conducts a weekly national survey on the interest rates for the five most common consumer banking products. Here’s this week’s outcome:
- 30 Year Fixed Rate: 5.12 percent
- 30 Year Fixed Rate Jumbo: 5.94 percent
- 15 Year Fixed Rate: 4.49 percent
- 5/1 ARM (Adjustable): 4.31 percent
- 1 Year ARM (Adjustable): 4.91 percent
Mortgage applications rose.
Applications for new purchases jumped.
Refinancing activity slipped.
Pending home sales rose.
Mortgage Rate Update Ending 01/20/10
January 21, 2010
Bankrate.com conducts a weekly national survey on the interest rates for the five most common consumer banking products. Here’s this week’s outcome:
- 30 Year Fixed Rate: 5.15 percent
- 30 Year Fixed Rate Jumbo: 5.93 percent
- 15 Year Fixed Rate: 4.56 percent
- 5/1 ARM (Adjustable): 4.63 percent
- 1 Year ARM (Adjustable): 4.92 percent
Mortgage applications rose compared to a week earlier, according to the Mortgage Bankers Association.
Refinancing activity surged and applications for new home purchases increased.
Mortgage Rate Update Ending 08/19/09
August 26, 2009
Bankrate.com conducts a weekly national survey on the interest rates for the five most common consumer banking products. Here’s this week’s outcome:
- 30 Year Fixed Rate: 5.52 percent
- 30 Year Fixed Rate Jumbo: 6.44 percent
- 15 Year Fixed Rate: 4.84 percent
- 5/1 ARM (Adjustable): 4.86 percent
- 1 Year ARM (Adjustable): 5.19 percent
Mortgage applications were higher for the week for new purchases and resale. Refinancing activity also rose, according to the Mortgage Bankers Association.
According to RealtyTrac, foreclosure activity was up 7 percent during July. One in every 355 U.S. housing units received a foreclosure notice during the month.
Mortgage Rate Update Ending 07/01/09
July 5, 2009
Bankrate.com conducts a weekly national survey on the interest rates for the five most common consumer banking products. Here’s this week’s outcome:
- 30 Year Fixed Rate: 5.7 percent
- 30 Year Fixed Rate Jumbo: 6.91 percent
- 15 Year Fixed Rate: 5.07 percent
- 5/1 ARM (Adjustable): 5.17 percent
- 1 Year ARM (Adjustable): 5.17 percent
Additional news centered around the government’s plan to expand the number of people who will be eligible for mortgage refinancing. Under the Making Home Affordable plan, homeowners will now be allowed to refinance for up to 125 percent of their homes’ values (previously set at 105 percent of value).
Mortgage Rate Update Ending 05/06/09
May 7, 2009
Bankrate.com conducts a weekly national survey on the interest rates for the five most common consumer banking products. Here’s this week’s outcome:
- 30 Year Fixed Rate: 5.27 percent
- 30 Year Fixed Rate Jumbo: 6.68 percent
- 15 Year Fixed Rate: 4.78 percent
- 5/1 ARM (Adjustable): 5.07 percent
- 1 Year ARM (Adjustable): 5 percent
Mortgage application activity rose slightly for the week ending May 1 according to the Mortgage Bankers Association. Refinancing activity edged up 1.2 percent while applications for new purchase rose 5 percent. Pending home sales for March rose 3.2 percent, according the National Association of Realtors.
Mortgage Rate Update Ending 02/25/09
March 3, 2009
Bankrate.com conducts a weekly national survey on the interest rates for the five most common consumer banking products. Here’s this week’s outcome:
- 30 Year Fixed Rate: 5.41 percent
- 30 Year Fixed Rate Jumbo: 6.87 percent
- 15 Year Fixed Rate: 4.93 percent
- 5/1 ARM (Adjustable): 5.4 percent
- 1 Year ARM (Adjustable): 5.58 percent
Mortgage loan application and refinancing activity fell, while applications for new purchases dropped 2.6 percent. Home prices fell 18.2 percent in the final quarter of 2008. This is compared with the same period a year earlier.
Mortgage Rate Update Ending 01/14/09
January 18, 2009
Bankrate.com conducts a weekly national survey on the interest rates for the five most common consumer banking products. Here’s this week’s outcome:
- 30 Year Fixed Rate: 5.28 percent with points averaging: 0.42
- 30 Year Fixed Rate Jumbo: 7.07 percent
- 15 Year Fixed Rate: 4.89 percent
- 5/1 ARM (Adjustable): 5.51 percent
- 1 Year ARM (Adjustable): 6.13 percent
Fixed-rate mortgages continued their decent toward record lows this week. Refinancing activity was at levels similar to those found back in mid 2003. Activity increased 25.6% from the previous week.
Foreclosure postponements for Fannie Mae and Freddie Mac borrowers have been extended for an additional three weeks. The postponement should be valid through January 31.
As the economy worsens, more foreclosures and short sales will continue to drag home prices down. The main culprits creating a worse housing condition are the poor economy and subsequent rising unemployment.
Mortgage Rate Update Ending 12/15/08
December 15, 2008
Bankrate.com conducts a weekly national survey on the interest rates for the five most common consumer banking products. Here’s this week’s outcome:
- 30 Year Fixed Rate: 5.80 percent with points averaging: 0.35
- 30 Year Fixed Rate Jumbo: 7.37 percent
- 15 Year Fixed Rate: 5.51 percent
- 5/1 ARM (Adjustable): 6.17 percent
- 1 Year ARM (Adjustable): 6.09 percent
Fixed-rate mortgages continued to fall this week. They have dropped to their lowest point since February. After a massive 112.1 percent increase the week before, the overall mortgage activity fell at the end of November, according to the Mortgage Bankers Association.
Mortgage Rate Update Ending 11/20/08
November 20, 2008
Bankrate.com conducts a weekly national survey on the interest rates for the five most common consumer banking products. Here’s this week’s outcome:
- 30 Year Fixed Rate: 6.33 percent with points averaging: 0.37
- 30 Year Fixed Rate Jumbo: 7.62 percent
- 15 Year Fixed Rate: 6.01 percent
- 5/1 ARM (Adjustable): 6.18 percent
- 1 Year ARM (Adjustable): 5.78 percent
Mortgage rates continued their downward trend. In particular, adjustable-rate mortgages showed the greatest drop. Depite the drop in interest rates, mortgage loan activity declined by 6.2 percent for the week ending Nov. 14, according to the Mortgage Bankers Association.
According to the National Association of Realtors, U.S. home median prices declined by a record 9 percent during the third quarter when compared to the same period in 2007.
Everyday, struggling homeowners call foreclosure and loan mitigation hotlines for help on how to save their homes. This is just a small sample of a larger problem. Foreclosures, short sales, adjustable mortgages, and financial or personal hardship have wreaked havoc in the marketplace. The need for loan mitigation is paramount.
At Loan Mitigation Advocatessm, we encourage homeowners to try and resolve their situation themselves. In many cases, the homeowner realizes the complexity of the situation and that they do not have the time, connections within the lending industry or negotiation power. This is where many homeowners turn to a loan mitigation advocate. The hiring of a specialist to handle the process from start to finish can ease an already stressed situation, reaping benefits long into the future, and most importantly, help you, the homeowner, stay in your home.
CORPORATE BROKER’S LICENSE #01858172