Fixed-rate mortgages – also called conventional mortgages – have been the most popular home loans for decades. The interest rate on a fixed-rate mortgage stays the same throughout the life of the loan, as opposed to adjustable rate mortgages (ARMs), in which the interest rate may adjust or “float.” Fixed-rate…
I’ve got good news, and I’ve got bad news. The good news is that after mortgage rates jumped a bit higher last week from their near-historic lows, they’ve somehow dipped even lower, making rates more affordable and convenient. The bad news is that after weeks of rates being incredibly cheap and more weeks telling you to secure a mortgage while they’re this affordable, I’ve run out of creative ways to do it. Metaphors and colorful language escape me; all I see is a mortgage opportunity that everyone should take advantage of. How do I reach the people?! I’m not sure. MAYBE TYPING IN ALL CAPS WILL GET THE MESSAGE ACROSS. MORTGAGE RATES ARE SUPER LOW, AND THE HOUSING MARKET IS IMPROVING DRAMATICALLY. DON’T BELIEVE ME? ALL CAPS ISN’T DRAWING YOUR ATTENTION? READ THESE RAW NUMBERS IN ITALICS!
30-year fixed-rate mortgages averaged 3.54 percent with an average 0.8 for the week; last week it was at 3.57 percent. Last year at this time the rate averaged 3.98 percent.
15-year fixed-rate mortgages averaged 2.74 percent with an average 0.7 point, down from last week when it averaged 2.76 percent. Last year at this time the rate averaged 3.21 percent.
5-year Treasury-indexed adjustable-rate mortgage averaged 2.65 percent this week with an average 0.5 point, down from last week when it averaged 2.68 percent. Last year at this time the rate averaged 2.86 percent.
1-year Treasury-indexed adjustable-rate mortgages averaged 2.63 percent this week with an average 0.4 point, up from last week when it averaged 2.62 percent. Last year at this time the rate averaged 2.78 percent.
If italics and all caps can’t reach the people, I’m hard pressed to figure out what will. I mean font changes are the most direct way to connect with people, right? Oh wait, no, that’s children. You’re a sophisticated, weekly reader of the PMMS report. What you want are cold, hard facts, like a proper quote from VP and Chief Economist of Freddie Mac, Frank Nothaft. You know, with fancy quotation marks around it.
“Fixed mortgage rates dipped slightly while the manufacturing industry showed signs of slowing. Regionally, both the Chicago and Milwaukee purchasing manager reports for March fell below the market consensus forecast. On a national scale, both the ISM manufacturing and non-manufacturing indexes also showed reductions in growth.”