Archive for Mortgage Refinance Rates
30 Year Mortgage Refinance Rates Fall Again
Posted by: | CommentsMortgage lenders and homeowners received more positive mortgage refinancing news today as home refinance rates fell across the board. Interest rates on 30-year fixed-rate mortgages dropped in the latest week, real estate website Zillow.com said Tuesday. Uncertainty over the economic recovery has spurred demand for safe-haven U.S. government debt, pulling yields and mortgage interest rates lower. Those lower home loan rates should lift mortgage refinancing activity and put more cash into consumers’ hands to funnel into the economy. They also make homes more affordable as the housing market copes with the absence of government support. According to Zillow Mortgage Marketplace, mortgage rates on 30-year fixed rate home loans reported 4.28% Tuesday afternoon, down from 4.38% at the same time last week.
The 30-year fixed mortgage rate steadily declined for the majority of the week, hovering near 4.34%, with a steep fall to 4.29% on Monday, Zillow said. Mortgage refinance rates on other types of home loans also fell. 15-year fixed mortgage rates were 3.85%, down from 3.87% the prior week. Rates for 5/1 ARM loans set at a fixed rate for five years and adjustable each following year, were 3.27%, down from 3.37%. Rates for FHA refinance loans also dropped to 4.25% on averages for fixed 30-year terms. Rates on 30-Year home equity loans fell another .15% so many borrowers looked to refinance their adjustable rate HELOC into a fixed rate loan.
Mortgage Refinancing Applications Drop
Posted by: | CommentsWith mortgage refinancing activity rising each week, we were bound to see a drop one of these days and we finally did. The MBA reported that loan applicants seeking home refinancing declined to 78% last week from 79.4% the prior week, which was the highest level since April 2009. The average mortgage refinance rate on a 15-year fixed mortgage rose to 4.12% from 4.05%, and the interest rate on a one-year adjustable home loan fell to 7.15 % from 7.17 %
The Mortgage Bankers Association’s index fell 4.4% in the week ended July 23, the Washington-based group said today. The mortgage refinance measure fell 5.9% from the prior week’s one-year high, but the home purchase index did increase 2%. The average mortgage refinance rate with a 30-year fixed rate increased to 4.69% from 4.59% the prior week, which was the lowest since data began in 1990.
FHA Mortgage Refinance Applications Jump
Posted by: | CommentsThe Mortgage Bankers Association released their Weekly Mortgage Rate Report that indicated that FHA mortgage refinance applications rose again last week. This came as a surprise to many brokers and loan officers who anticipated a slower influx of internet mortgage leads because the previous week saw a significant jump in refinance applications.
Jerry Mlinar,a senior mortgage consultant for Woodfield Planning Corporation said, “The rate of applications for FHA refinancing has risen dramatically over the last few weeks and we have attributed it to simple supply and demand. Millions of homeowners are burdened by an adjustable interest mortgage and so naturally they want to reap the rewards of record low fixed rates.”
FHA mortgage refinance rates averaged 4.875% on fixed 30-year terms last week. Even though FHA home loans are more forgiving with equity and credit requirements, many borrowers are still challenged because FHA requires income documentation with all of their refinancing products. Many borrowers have grown accustomed to “stated income” loan programs and that explains why so many applications are turned down.
Do Low Rates Always Translate to Mortgage Refinancing?
Posted by: | CommentsThere is no question that 2010 has opened up some great mortgage refinancing opportunities for many homeowners to save money. Home refinancing is not always the answer though, because some borrowers already have low rates and some borrowers simply do not meet the refinance requirements. We recommend considering your mortgage refinance options carefully. Home mortgage rates fell this week to their lowest point on records that mortgage company Freddie Mac has kept since 1971. Today’s mortgage refinance rates when averaged around 4.625%. These rates are for 30-year fixed rate terms. The previous record of 4.71 % was set in December. 15-year mortgage rates average at 4.375% and the 5-year hybrid ARM average 3.875%.
Here are some answers to common questions that come with home refinancing.
Question: How much are the mortgage refinance costs?
Answer: In most cases, a refinance loan will cost $2 -$3,000 in closing cost. The common lending fees are underwriting, processing, escrow, title and appraisal. Many lenders will also charge origination fees, also known as “points.”
Question: Do I qualify for a no cost refinance?
Answer: It depends… Many lenders are offering no cost mortgage refinance loans, but the credit score minimums typically range from 720-740.
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