Those who missed out and did not refinance their mortgage earlier this year when mortgage rates were at longtime lows may soon have another chance. The average 30-year-fixed rate mortgage stands at 5.2 percent, down from 5.32 percent last week, compared to an average of 6.37 percent just a year ago.
 
The main cause behind the falling mortgage rates seems to be the struggling job market, with skyrocketing unemployment numbers creating market concerns. Unemployment is at 9.5 percent, the highest rate since 1983, and 467,000 jobs were shed across the country in June alone.
 
People are already taking advantage of the situation. …read more

Although mortgage rates had been steadily decreasing for quite some time now, they may be on the rise again, much to the chagrin of homeowners that have been waiting for even lower rates before they refinance. Unfortunately for them, the opportunity may have passed.
Some mortgage brokers have reported a dramatic increase in mortgage rates, as much as 1 percent on Wednesday, and the trend does not appear to be reversing any time soon. April featured record low mortgage rates, a phenomenon that may have come as quickly as it has gone.
Rebounding mortgage rates may be a consequence of the nation’s …read more

Mortgage rates rose this week, with the average 30-year fixed mortgage rate rising to 5.45%. The average 15-year fixed rate mortgage climbed to 4.86% and the average jumbo 30-year fixed rate is back up to 6.60%. This comes after weeks of stable rates and represents their highest point since early February.
According to Bankrate.com, the potential General Motors bankruptcy and a week of substantial government borrowing caused the rates to rise. Yields on benchmark Treasury yields increased as a glut of new supply hit the market, and the prospect of a significant corporate bankruptcy further agitated would-be bond investors.
While mortgage rates …read more

The national average 30-year fixed mortgage rate has increased from 5.21 percent to 5.24 percent over the last week, according to Bankrate.com’s weekly survey. Regardless of this small gain, mortgage rates are still at all-time lows, having plunged from 6.77 percent last October.
Analysts generally agree that mortgage rates will remain relatively low for the rest of 2009, thanks to investors’ concerns about the weak economy. Continued government purchases of government and mortgage-backed debt should also help to keep mortgage rates low for the rest of the year.
This makes now an ideal time for those who are currently paying off a …read more

Last week, thirty-year fixed rate mortgages hit a historical low of 4.85 percent.
This is the lowest rate recorded since the survey began in 1971. The rate is tracked by Freddie Mac’s Primary Mortgage Market Survey.
Even with such an attractive rate, I wonder how many people will be able to take advantage of this. The lowest rate is reserved for borrowers with good credit and adequate cash for a down payment.
Even if people who are looking to buy aren’t able to capitalize on lower rates, this is an opportunity for existing homeowners to refinance at a new lower rate.
Earlier this month, Fannie Mae …read more

Real estate has been a tough topic lately.  In recent years many people bought homes which have since decreased in value.  Others got caught up in the real estate trend of borrowing more than they could actually afford with putting little or no money down, before they realized that they actually couldn’t afford the home they purchased.  A bleak picture has been at hand indeed, with home prices falling, people losing equity and many unable to pay their mortgages any more.  Bleaker still is the fact that borrowing money has become increasingly more difficult.  There is good news however.
The good …read more

This week mortgage rates dropped .02% to 5.10%, down from a year ago when mortgage rates were at %5.68.  While the rates were lower still a couple of weeks ago, they do not appear to be rising significantly any time in the near future.   The increase in home sales in December appears to be due to a combination of a decline in home prices and the drop in mortgage rates.  The fact that many homes are at 2004 prices makes real estate more appealing to many potential buyers who may not have been able to buy a particular home during …read more

While it is true that for most parts of the country home sales are down, home sales for more expensive homes have had an even larger drop due to the higher interest rates for larger mortgages.  A Jumbo Loan was previously considered a loan of $729,000 or more.  The three main lending and home mortgage instutiions, FHA, Fannie Mae and Freddie Mac are considering lowering the Jumbo amount somewhere around $650,000.
A recent article by Walter Molony at realtor.org states that  “the latest existing-home sales data shows transactions under $400,000 are 3 percent below a year ago. However, sales of homes …read more