According to the weekly Primary Mortgage Market Survey, those of you who took advantage of the low rates last week did so at the right time. This week, rates moved higher for the first time in three weeks.
Tag Archives | Mortgage Rates
Senate Democrats were three votes short of advancing the nomination of U.S. Congressman Mel Watt to head the agency that oversees the Fannie Mae and Freddie Mac mortgage groups. Read about this and more in this week’s Market Update.
Mortgage rates have three options: rise, drop or remain the same. After a few weeks of inching upward/remaining unchanged, rates took a dive this week – not just any dive, either.
Economists predicted that a government default would cause interest rates to rise because it would hurt the creditworthiness of the United States and increase the treasury’s cost of borrowing money. Since the interest rates on consumer loans are tied to the treasury rate, a default would cause all interest rates to rise, including mortgages.
While the weather can flip flop daily during the fall, mortgage rates can sometimes do the same. However, this wasn’t one of those weeks. In fact, there was barely even a change in mortgage rates.
It’s been a long time since rates have been this low. In fact, the last time 30-year fixed-rate mortgages were this low, the MLB season wasn’t even halfway over. To be exact, the last time 30-year fixed rates were this low was the week ending June 20, 2013.
The Fed’s announced they will not taper bond purchases yesterday, and mortgage rates fell quickly. The Primary Mortgage Market Survey shows how much they fell.
After weeks of ups and downs, the primary mortgage market survey shows us that rates have leveled out this week leaving those looking to purchase or refinance a small window of opportunity. Read all about it in this week’s PMMS report.
Rates have risen across the board, with the 30- and 15-year fixed rates roughly where they were two weeks ago. This is unfortunate for first time home buyers or those looking to refinance, but a good indicator for the U.S. economy and the fortune-telling future of line graphs. But because rates have risen, mortgage rate wolf has disappeared. Will he return? No one knows, but we’ll discuss the raw numbers from Freddie Mac anyways.
The mortgage process can be time consuming due to documents that have to be returned to the lender, like W-2s from the last two years, veteran eligibility documents or bank statements. Locked rates can expire because of this long process, so here are ways that you can speed it up and not stress out.