Loan Mitigation Advocates » Mortgage News

Mortgage Rate Update Ending 8/19/2010

Adam Golden — Mon, 23 Aug 2010 21:54:16 +0000

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

Adam Golden — Mon, 10 May 2010 23:45:00 +0000

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

Adam Golden — Fri, 22 Jan 2010 03:06:26 +0000

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

Adam Golden — Wed, 26 Aug 2009 17:44:49 +0000

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

Adam Golden — Mon, 06 Jul 2009 04:33:52 +0000

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

Adam Golden — Thu, 07 May 2009 18:23:27 +0000

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

Adam Golden — Tue, 03 Mar 2009 17:43:57 +0000

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

Adam Golden — Sun, 18 Jan 2009 17:08:16 +0000

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

Adam Golden — Tue, 16 Dec 2008 04:50:07 +0000

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

Adam Golden — Fri, 21 Nov 2008 04:49:02 +0000

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.