WASHINGTON – Mortgage rates fell this week to the lowest level on record, giving consumers added incentive to lock in low payments for home purchases and refinanced loans.
The average rate for 30-year fixed loans sank to 4.69 percent, from 4.75 percent last week, mortgage company Freddie Mac said Thursday.
That's the lowest point since Freddie Mac began tracking rates in 1971. The previous record of 4.71 percent was set in December. Rates for 15-year and five-year mortgages also hit lows.
Rates on 15-year fixed-rate mortgages fell to an average of 4.13 percent. That was the lowest on records dating to September 1991. It was down from 4.2 percent a week earlier.
Rates on five-year adjustable-rate mortgages averaged 3.84 percent, down from 3.89 percent a week earlier. That was also the lowest on Freddie Mac's records, which date back to January 2005 for such loans.
Average rates on one-year adjustable-rate mortgages fell to 3.77 percent from 3.82 percent. That was the lowest average since May 2004.
Mortgage rates have fallen over the past two months as nervous investors have shifted money into the safety of Treasury bonds. The demand for Treasurys has caused Treasury yields to fall. And mortgage rates tend to track the yields on long-term Treasurys.
Yet the falling rates have yet to spark a home-buying boom — or energize the economy. New-home sales collapsed in May after homebuying tax credits expired. The economy also remains under pressure from high unemployment. And many people don't qualify under tightened lending rules.
Source: Associated Press, By ALAN ZIBEL, AP Real Estate Writer
Showing posts with label 30 Year Fixed-Rate mortgages. Show all posts
Showing posts with label 30 Year Fixed-Rate mortgages. Show all posts
Thursday, June 24, 2010
Monday, March 22, 2010
Mortgage Rate Update -- Wells Fargo
Weekly Rate Update
All programs quoted are with zero points.
30 Year Fixed
To $417,000 - 5.000%
To $729,750 - 5.125%
Jumbo
Jumbo to $2,000,000 - 5.625%
5 Year Fixed
To $417,000 - 4.000%
To $729,750 - 4.375%
Jumbo to $2,000,000 - 5.250%
Rates
Rates have stabilized over the past few weeks and remain extremely buyer friendly. Fears that the Feds pulling out of the mortgage backed securities markets have been unfounded. Investors have not reacted to losing the largest purchaser on mortgage backed securities the way the markets had predicted. There is some sense of comfort to the markets that there are buyers waiting in the wings to pick up where the Feds leave off. Good news for buyers who are still on the fence. It appears that the markets will remain range bound for the next few weeks until the real impact of the Feds ending the MBS purchase program can actually be felt.
Economic News
Three economic releases this week—industrial production, the Philadelphia Fed index and the leading economic index—all support the view of continued economic growth. Meanwhile the housing starts data suggest that this recovery will be more modest than other recoveries.
Inflation remains low as measured by the Consumer Price Index. The details of this report highlight the slow pace of inflation, which partly reflects the ongoing housing correction. Medical price inflation continues to outpace the overall price index.
All programs quoted are with zero points.
30 Year Fixed
To $417,000 - 5.000%
To $729,750 - 5.125%
Jumbo
Jumbo to $2,000,000 - 5.625%
5 Year Fixed
To $417,000 - 4.000%
To $729,750 - 4.375%
Jumbo to $2,000,000 - 5.250%
Rates
Rates have stabilized over the past few weeks and remain extremely buyer friendly. Fears that the Feds pulling out of the mortgage backed securities markets have been unfounded. Investors have not reacted to losing the largest purchaser on mortgage backed securities the way the markets had predicted. There is some sense of comfort to the markets that there are buyers waiting in the wings to pick up where the Feds leave off. Good news for buyers who are still on the fence. It appears that the markets will remain range bound for the next few weeks until the real impact of the Feds ending the MBS purchase program can actually be felt.
Economic News
Three economic releases this week—industrial production, the Philadelphia Fed index and the leading economic index—all support the view of continued economic growth. Meanwhile the housing starts data suggest that this recovery will be more modest than other recoveries.
Inflation remains low as measured by the Consumer Price Index. The details of this report highlight the slow pace of inflation, which partly reflects the ongoing housing correction. Medical price inflation continues to outpace the overall price index.
Wednesday, January 13, 2010
Mortgage and Interest Rate Update
Wednesday’s bond market has opened in negative territory as investors prepare for today’s auction. The stock markets are in positive ground with the Dow up 28 points and the Nasdaq up 6 points. The bond market is currently down 8/32, but we likely will see little change in this morning’s mortgage rates due to strength late yesterday.
Today’s only relevant economic news will come from the Federal Reserve this afternoon when they post their Beige Book report. This report, which is named simply after the color of its cover, details economic conditions throughout the U.S. by region. Since the Fed relies heavily on it during their FOMC meetings, its results can have a fairly big impact on the financial markets and mortgage rates if it reveals any surprises. It will be released at 2:00 PM ET, so any reaction to its results will come later today.
Also on tap today is the 10-year Treasury Note auction. If there is a strong demand for them during the sale, we should see the bond market move higher during afternoon trading. But a lackluster interest from buyers, particularly international investors, would indicate a waning appetite for longer-term U.S. securities and lead to broader bond selling. The selling in bonds would result in upward revisions to mortgage rates. We will repeat this scenario tomorrow for the 30-year Bond auction.
Tomorrow morning brings us the release of December’s Retail Sales data. This is one of the more important reports we see each month it measures consumer spending by tracking sales at retail establishments in the U.S. Since consumer spending makes up two-thirds of the U.S. economy, any related data is watched closely. Current forecasts are calling for an increase in sales of approximately 0.5%. A smaller than expected increase would be good news for bonds and mortgage rates tomorrow.
The Labor Department will post last week’s unemployment figures tomorrow morning also. They are expected to show that 436,000 new claims for benefits were filed last week, but I doubt this data will cause much movement in mortgage rates. It tracks only a week’s worth of new claims, so its impact on the markets is usually minimal.
Source: Ken Mason, Mortgage California
Today’s only relevant economic news will come from the Federal Reserve this afternoon when they post their Beige Book report. This report, which is named simply after the color of its cover, details economic conditions throughout the U.S. by region. Since the Fed relies heavily on it during their FOMC meetings, its results can have a fairly big impact on the financial markets and mortgage rates if it reveals any surprises. It will be released at 2:00 PM ET, so any reaction to its results will come later today.
Also on tap today is the 10-year Treasury Note auction. If there is a strong demand for them during the sale, we should see the bond market move higher during afternoon trading. But a lackluster interest from buyers, particularly international investors, would indicate a waning appetite for longer-term U.S. securities and lead to broader bond selling. The selling in bonds would result in upward revisions to mortgage rates. We will repeat this scenario tomorrow for the 30-year Bond auction.
Tomorrow morning brings us the release of December’s Retail Sales data. This is one of the more important reports we see each month it measures consumer spending by tracking sales at retail establishments in the U.S. Since consumer spending makes up two-thirds of the U.S. economy, any related data is watched closely. Current forecasts are calling for an increase in sales of approximately 0.5%. A smaller than expected increase would be good news for bonds and mortgage rates tomorrow.
The Labor Department will post last week’s unemployment figures tomorrow morning also. They are expected to show that 436,000 new claims for benefits were filed last week, but I doubt this data will cause much movement in mortgage rates. It tracks only a week’s worth of new claims, so its impact on the markets is usually minimal.
Source: Ken Mason, Mortgage California
Tuesday, October 6, 2009
Mortgage Rate Outlook
Oct. 2, 2009 -- With September now
behind us, stock markets started
October in a fashion similar to other
Octobers: they sold off to some
degree. After a pretty good third
quarter's profits were booked, at
least some of those gains from
equity sales have been stashed
back into Treasuries, driving yields
down. This is turn is pressuring
mortgage rates down to the lows of
earlier this year.
The overall average for 30-year
FRMs declined by almost a tenthpercent
this week, and HSH's FRMI
closed Friday with five-day average
of 5.40%. Five-one hybrid ARMs
also eased back, shedding eight
basis points to close the national
survey at 4.74%. At 5.07%, conforming
30-year FRMs sported their
lowest average rate since the late
March to late May period gave us
nine consecutive weeks just over
(and under) the 5% mark.
A bright spot was Construction
Spending rose by 0.8%, its second
positive reading of the year. More
impressive was the 4.7% rise in
spending for residential projects,
which was more than enough to
offset drags from the troubled commercial
sector (-0.1%) and the 1.1%
drop in the public sector. Stimulus
money isn't making it out to lowerlevel
projects all that quickly, and
cash-strapped states and counties
are simply putting projects on indefinite
hold.
Low mortgage rates continue to
provide support for housing markets,
and the gains in residential
construction spending could be one
of the keys to getting a firmer recovery
underway. However, credit
conditions remain tight, and while
home prices have begun to firm to
some degree, it may be a long time
until most underwater homeowners
will be able to take advantage of
those low rates to recast their balance
sheets.
Does October continue to live up to
its reputation as a wicked month for
stocks? To the degree that it does,
mortgage rates should benefit.
Spring lows ignited a fair bit of refi
activity, but building lasting refi
waves requires low (if not continually
declining) interest rates for a
period of weeks, even months. We'll
continue to have low rates, but
significant declines are unlikely. If
you're considering refinancing, don't
hesitate too long or a fickle October
market may catch you napping.
Treasury yields dipped at week's
end, so mortgage rates should start
next week on a softer note.
behind us, stock markets started
October in a fashion similar to other
Octobers: they sold off to some
degree. After a pretty good third
quarter's profits were booked, at
least some of those gains from
equity sales have been stashed
back into Treasuries, driving yields
down. This is turn is pressuring
mortgage rates down to the lows of
earlier this year.
The overall average for 30-year
FRMs declined by almost a tenthpercent
this week, and HSH's FRMI
closed Friday with five-day average
of 5.40%. Five-one hybrid ARMs
also eased back, shedding eight
basis points to close the national
survey at 4.74%. At 5.07%, conforming
30-year FRMs sported their
lowest average rate since the late
March to late May period gave us
nine consecutive weeks just over
(and under) the 5% mark.
A bright spot was Construction
Spending rose by 0.8%, its second
positive reading of the year. More
impressive was the 4.7% rise in
spending for residential projects,
which was more than enough to
offset drags from the troubled commercial
sector (-0.1%) and the 1.1%
drop in the public sector. Stimulus
money isn't making it out to lowerlevel
projects all that quickly, and
cash-strapped states and counties
are simply putting projects on indefinite
hold.
Low mortgage rates continue to
provide support for housing markets,
and the gains in residential
construction spending could be one
of the keys to getting a firmer recovery
underway. However, credit
conditions remain tight, and while
home prices have begun to firm to
some degree, it may be a long time
until most underwater homeowners
will be able to take advantage of
those low rates to recast their balance
sheets.
Does October continue to live up to
its reputation as a wicked month for
stocks? To the degree that it does,
mortgage rates should benefit.
Spring lows ignited a fair bit of refi
activity, but building lasting refi
waves requires low (if not continually
declining) interest rates for a
period of weeks, even months. We'll
continue to have low rates, but
significant declines are unlikely. If
you're considering refinancing, don't
hesitate too long or a fickle October
market may catch you napping.
Treasury yields dipped at week's
end, so mortgage rates should start
next week on a softer note.
Thursday, June 4, 2009
Lender Checklist: What You Need for a Mortgage
Lender Checklist: What You Need for a Mortgage
Source: REALTOR Magazine
Source: REALTOR Magazine
- W-2 forms — or business tax return forms if you're self-employed — for the last two or three years for everyperson signing the loan.
- Copies of at least one pay stub for each person signing the loan.
- Account numbers of all your credit cards and the amounts for any outstanding balances.
- Copies of two to four months of bank or credit union statements for both checking and savingsaccounts.
- Lender, loan number, and amount owed on other installment loans, such as student loans andcar loans.
- Addresses where you’ve lived for the last five to seven years, with names of landlords ifappropriate.
- Copies of brokerage account statements for two to four months, as well as a list of any other major assets ofvalue, such as a boat, RV, or stocks or bonds not held in a brokerage account.
- Copies of your most recent 401(k) or other retirement account statement.
- Documentation to verify additional income, such as child support or a pension.
- Copies of personal tax forms for the last two to three years.
Monday, May 11, 2009
The Basics: 2009 First-Time Home Buyer Tax Credit
Bringing the Dream of Homeownership Within Reach
Source: National Association of Realtors
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.
Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.
Who Qualifies?
First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
Which Properties Are Eligible?
The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Will the Credit Be?
The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:
The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000.
The buyer's income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.
If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.
Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.
Source: National Association of Realtors
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.
Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.
Who Qualifies?
First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
Which Properties Are Eligible?
The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Will the Credit Be?
The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:
The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000.
The buyer's income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.
If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.
Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.
Tuesday, April 28, 2009
2009 Conforming Loan Limits Jump
The American Recovery and Reinvestment Act (ARRA), which was signed into law last Tuesday, increased the maximum conforming loan limit for mortgages originated in 2009, said the Federal Housing Finance Agency Monday. The increase affects 250 counties across the United States. For these areas (see list here), Fannie Mae (FNM: 0.74 -6.33%) and Freddie Mac (FRE: 0.77 -1.28%) loan limits will return to their late-2008 levels, which were up to $729,750 for one-unit properties in the United States. Loan limits in other areas will not be changed by the legislation.
Thursday, April 23, 2009
Buydowns and the Bottom
Buydowns and the Bottom
Eric Trailer, Absolute Mortgage Banking
If you were in the market to buy a $2,000,000 home home in the Bay Area, would it make a differnce to you if the monthly investment was less than $5,000 with a 30% down payment? And I’m not just talking about the mortgage payment, I am talking about complete, tax adjusted cash flow including a 4.25% 30-year mortgage fixed for 10 years, property taxes and homeowners insurance. Sound too good to be true? It’s not. And yes it beats market rental rates by thousands.
Interest-rate buydowns are one of the most effective methods for both buyers and seller to obtain what they want, which of course is value. For the sellers, buying down an interest rate can have up to 8X the power over a price reduction, depending on the cost to buy the rate down. For buyers, a lower rate means higher qualification and bragging rights of having the lowest mortgage rate on the planet.
In the example above:
If the buyer was qualified up to $1.8mm at 5.5%, they are now qualified at $2mm at 4.25%
The seller only needs to invest four points or $56,000 to move the buyer $200,000; thus a $56,000 investment saves the seller about $144,000, which is therefore about FOUR TIMES more effective than reducing price
I use the example above since I have been receiving a tremendous amount of inquiries about what’s happening at the higher end, which are those homes selling at $1.5mm+, and whether creative financing has been more common than not. What we’re seeing is that creative financing, like interest rate buydowns and seller financing, are definitely more common at all price points. But what’s been rather fascinating to watch is that many sellers are becoming less inclined to reduce price, despite the fact that prices are off by between 7% to 17%, depending on which city the property is located. Yet, sellers have been very open to concessions that help them keep their price, despite the net proceeds being reduced. One of the reasons for this, in my opinion, is the fact that buying activity has skyrocketed on the last few weeks, which is obviously encoraging to sellers.
So what’s drivng the buying activity? Well, for starters, it seems like many buyers properly sensed that we’ve hit the proverbial “bottom” of the real estate market, which was recently confirmed ed by the exisitng home sales figures that came out last week. That’s right, not only are sales of both exisiting and new homes up significantly (4.7% and 5.1% respectively), the US median price and average price were both up in February over January. Add this data to the fact that interest rates have set a new low record, plus further validation from one of most respected economic forecasting sources avalable, the UCLA forecast, that 2010 will be a year of recovery, and it becomes clearer and clearer that there couldn’t be a greater opprtunity to buy real estate.
Source: Eric Trailer, Absolute Mortgage Banking
March 31, 2009
Eric Trailer, Absolute Mortgage Banking
If you were in the market to buy a $2,000,000 home home in the Bay Area, would it make a differnce to you if the monthly investment was less than $5,000 with a 30% down payment? And I’m not just talking about the mortgage payment, I am talking about complete, tax adjusted cash flow including a 4.25% 30-year mortgage fixed for 10 years, property taxes and homeowners insurance. Sound too good to be true? It’s not. And yes it beats market rental rates by thousands.
Interest-rate buydowns are one of the most effective methods for both buyers and seller to obtain what they want, which of course is value. For the sellers, buying down an interest rate can have up to 8X the power over a price reduction, depending on the cost to buy the rate down. For buyers, a lower rate means higher qualification and bragging rights of having the lowest mortgage rate on the planet.
In the example above:
If the buyer was qualified up to $1.8mm at 5.5%, they are now qualified at $2mm at 4.25%
The seller only needs to invest four points or $56,000 to move the buyer $200,000; thus a $56,000 investment saves the seller about $144,000, which is therefore about FOUR TIMES more effective than reducing price
I use the example above since I have been receiving a tremendous amount of inquiries about what’s happening at the higher end, which are those homes selling at $1.5mm+, and whether creative financing has been more common than not. What we’re seeing is that creative financing, like interest rate buydowns and seller financing, are definitely more common at all price points. But what’s been rather fascinating to watch is that many sellers are becoming less inclined to reduce price, despite the fact that prices are off by between 7% to 17%, depending on which city the property is located. Yet, sellers have been very open to concessions that help them keep their price, despite the net proceeds being reduced. One of the reasons for this, in my opinion, is the fact that buying activity has skyrocketed on the last few weeks, which is obviously encoraging to sellers.
So what’s drivng the buying activity? Well, for starters, it seems like many buyers properly sensed that we’ve hit the proverbial “bottom” of the real estate market, which was recently confirmed ed by the exisitng home sales figures that came out last week. That’s right, not only are sales of both exisiting and new homes up significantly (4.7% and 5.1% respectively), the US median price and average price were both up in February over January. Add this data to the fact that interest rates have set a new low record, plus further validation from one of most respected economic forecasting sources avalable, the UCLA forecast, that 2010 will be a year of recovery, and it becomes clearer and clearer that there couldn’t be a greater opprtunity to buy real estate.
Source: Eric Trailer, Absolute Mortgage Banking
March 31, 2009
Monday, April 20, 2009
Rates on 30-year Mortgages Dip
Source: SF Gate
Rates on 30-year mortgages dipped last week after rising a week earlier, and remain just above record lows.
Freddie Mac said Thursday that average rates on 30-year fixed-rate mortgages fell to 4.82 percent last week from 4.87 percent the previous week. Rates have been below 5 percent for five consecutive weeks.
The all-time low of 4.78 percent was recorded the week of April 2. Freddie Mac's survey dates back to 1971.
Low rates have sparked a surge in refinancing activity, with nearly 80 percent of new home loan applications coming from borrowers seeking to refinance. Freddie Mac's sibling company, Fannie Mae, refinanced $77 billion in loans last month, nearly double February's level and the best month for such activity since 2003.
Mortgage rates fell dramatically over the winter. They fell further after the Federal Reserve said last month it would buy $1.2 trillion in mortgage-backed securities and $300 billion in long-term government debt, which traditionally influences rates on 30-year home loans.
"The housing industry is starting to exhibit some positive signs," Frank Nothaft, Freddie Mac's chief economist, said in a statement but noted they were "scarce and too early to tell how permanent."
Home builders are feeling a lot more optimistic that the worst housing downturn in decades may be finally starting to turn around. An index of builders' confidence released Wednesday posted its biggest one-month jump in five years in April as many home buyers seized on lower prices and incentives, and took advantage of lower interest rates and tax credits.
Qualifying for a loan, however, is still tough. Lenders have tightened their standards dramatically over the past year, so the best rates are available only to those with solid credit.
The average rate on a 15-year fixed-rate mortgage fell to 4.48 percent last week from 4.54 percent the previous week, according to Freddie Mac. Rates on five-year adjustable-rate mortgages fell to 4.88 percent from 4.93 percent and rates on one-year adjustable-rate mortgages rose to 4.91 percent from 4.83 percent.
The rates do not include points. The nationwide fee averaged 0.6 of a point last week for all mortgages in Freddie Mac's survey except for one-year adjustable mortgages, which had an average fee of 0.7 of a point.
Rates on 30-year mortgages dipped last week after rising a week earlier, and remain just above record lows.
Freddie Mac said Thursday that average rates on 30-year fixed-rate mortgages fell to 4.82 percent last week from 4.87 percent the previous week. Rates have been below 5 percent for five consecutive weeks.
The all-time low of 4.78 percent was recorded the week of April 2. Freddie Mac's survey dates back to 1971.
Low rates have sparked a surge in refinancing activity, with nearly 80 percent of new home loan applications coming from borrowers seeking to refinance. Freddie Mac's sibling company, Fannie Mae, refinanced $77 billion in loans last month, nearly double February's level and the best month for such activity since 2003.
Mortgage rates fell dramatically over the winter. They fell further after the Federal Reserve said last month it would buy $1.2 trillion in mortgage-backed securities and $300 billion in long-term government debt, which traditionally influences rates on 30-year home loans.
"The housing industry is starting to exhibit some positive signs," Frank Nothaft, Freddie Mac's chief economist, said in a statement but noted they were "scarce and too early to tell how permanent."
Home builders are feeling a lot more optimistic that the worst housing downturn in decades may be finally starting to turn around. An index of builders' confidence released Wednesday posted its biggest one-month jump in five years in April as many home buyers seized on lower prices and incentives, and took advantage of lower interest rates and tax credits.
Qualifying for a loan, however, is still tough. Lenders have tightened their standards dramatically over the past year, so the best rates are available only to those with solid credit.
The average rate on a 15-year fixed-rate mortgage fell to 4.48 percent last week from 4.54 percent the previous week, according to Freddie Mac. Rates on five-year adjustable-rate mortgages fell to 4.88 percent from 4.93 percent and rates on one-year adjustable-rate mortgages rose to 4.91 percent from 4.83 percent.
The rates do not include points. The nationwide fee averaged 0.6 of a point last week for all mortgages in Freddie Mac's survey except for one-year adjustable mortgages, which had an average fee of 0.7 of a point.
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