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View the current weekly rate report →Stay informed of mortgage industry news, mortgage rates and guide line updates at RefinanceNews.com Use our blog to assist with your refinance decision, purchase loan or mortgage related occupation.
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Thursday, December 16, 2010
Mortgage Rates Rise
The average 30 year mortgage rate rose to a six month high. The average 30 year mortgage rate climbed to 4.84 from 4.66% Many experts predict mortgage rates will continue to sharply rise in the near term. Rates have continued their upward trend despite the Fed announcing to continue their treasury purchasing policy.
The Feds treasury purchasing program has been a major component in rates hitting all time lows. Many experts are surprised that rates continued to climb even after the Fed's announcement.
The Feds treasury purchasing program has been a major component in rates hitting all time lows. Many experts are surprised that rates continued to climb even after the Fed's announcement.
Friday, December 10, 2010
Mortgage Rates Continue to Climb
Mortgage rates continue to climb to their 5 month high as investors sell treasuries. This past week rates increased .15% to 4.61% on the average 30 year mortgage. The previous 30 year average was 4.46%. Many borrowers that haven't taken advantage of these records low rates are still scrambling to qualify for a mortgage. Borrowers should speak with their mortgage professional to see if they can qualify and whether they are able to save money refinancing their present mortgage.
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Refinance News
Wednesday, December 8, 2010
Mortgage Applications are Down
Mortgage applications fell last week .09%. While purchase applications increases 1.8%, refinance applications, which are a greater portion of the mortgage application universe, decreased 1.4%.
The increase in the purchase applications is a good sign but it may only be a one time occurrence. It may not be a sign of a strengthening real estate marketing. We will have to wait for more numbers to see if purchase applications continue to trend upwards. Expect refinance applications to fall if mortgage rates continue to rise.
The increase in the purchase applications is a good sign but it may only be a one time occurrence. It may not be a sign of a strengthening real estate marketing. We will have to wait for more numbers to see if purchase applications continue to trend upwards. Expect refinance applications to fall if mortgage rates continue to rise.
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About Me
I'm a licensed mortgage professional that has been helping borrowers for the past 8 years refinance and obtain mortgages for new homes. I enjoy providing helpful mortgage information to people interested in financing their home. Feel free to contact me with any questions about your mortgage situation.
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