Here is the break down from the latest Freddie Mac survey:

• 30- Year Fixed Mortgages 3.89%
• 15 year Fixed Mortgages: 3.16%
• 5 Year ARM: 3.23

Here’s what the folks at Inman had to say about that:

Rates on 30-year fixed-rate mortgages, which have been below 4 percent for six weeks in a row, hit a new low this week in records dating to 1971. The 30-year fixed-rate mortgage averaged 3.89 percent with an average 0.7 point, down from 3.91 percent last week and 4.71 percent a year ago. For 15-year fixed-rate mortgages, rates averaged 3.16 percent with an average 0.8 point, down from 3.23 percent last week and 4.08 percent a year ago. Rates on 15-year loans, popular for refinancing, have never been lower since Freddie Mac began tracking them in 1991.

via Mortgage rates sag to new lows | Inman News.

Click this link to find your next home at a great interest rate. Home4SaleInUtah.com

Mortgage rates remained at or near historic lows this week on continued weak economic and housing data, Freddie Mac said in releasing the results of its Primary Mortgage Market Survey.A separate survey by the Mortgage Bankers Association showed low rates aren’t getting buyers off the fence, with demand for purchase loans remaining near 15-year lows last week.

via Mortgage rates hover around all-time lows | Inman News.

This is bad news for the Utah housing market. If purchase loan applications are struggling, future home sales will also be down. For the Utah Real Estate market to really recover, home sales need to pick up.

Mortgage Purchase Applications Hit 6-Month HighMortgage applications to purchase homes increased 14.4 percent last week on an adjusted basis compared to the previous week, according to the Mortgage Bankers Association weekly survey.The unadjusted Purchase Index increased 9.6 percent compared with the previous week and was down 7.4 percent compared to the same week a year ago.On a seasonally adjusted basis, this is the highest Purchase Index recorded since the week ending May 7, 2010 in the middle of the tax-rebate push.“The increase in purchase applications last week aligns with other incoming data suggesting that consumers are feeling somewhat more confident with their financial situation,” said Michael Fratantoni, the association’s vice president of research and economics.

via REALTOR® Magazine-Daily News-Mortgage Purchase Applications Hit 6-Month High.

Record-low mortgage rates have sparked another refinancing boom but aren’t doing much to spur homebuyers into action, according to the results of the Mortgage Bankers Association’s latest Weekly Mortgage Applications Survey. Demand for refinancings was up nearly 6 percent during the week ending Aug. 20 when compared to the previous week, and down 26 percent from four weeks ago, reaching the highest level since May 2009. Demand for purchase loans was essentially flat, rising 0.6 percent on a seasonally adjusted basis from the previous week, and down 1.1 percent on an unadjusted basis. Looking back a year, demand for purchase loans was down nearly 39 percent. Requests for refinancings accounted for 82.4 percent of all mortgage loan applications — the highest share observed since January 2009.

via Low rates spur refi boom | Inman News.

Freddie Mac’s weekly rate survey showed 30-year fixed-rate mortgages hitting 4.44 percent for the week ending Aug. 12, a new low in records dating back to 1971.

At 3.92 percent, 15-year fixed-rate mortgages were also at a low in records dating to 1991, while 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans averaged 3.56 percent — the lowest surveyed in records dating to 2005.

But low rates haven’t translated into demand for loans, another survey by the Mortgage Bankers Association showed. Many borrowers who might benefit by refinancing have already done so, and housing sales slowed after the expiration of the federal homebuyer tax credits.

Demand for purchase loans was down 34.1 percent from a year ago during the week ending Aug. 6, and requests to refinance accounted for 78.1 percent of all loan applications, the MBA survey found.

via Mortgage rates fall, but so does demand | Inman News.

Mortgage applications to purchase homes rose 0.3 percent on an adjusted basis last week, virtually unchanged from the previous week, according to the Mortgage Bankers Association weekly survey.

On an unadjusted basis, purchases decreased 0.3 percent compared with the previous week and were 34.1 percent lower than they were the same week a year ago.

This trough in purchases comes despite the fact that 30-year fixed rate mortgages are at the lowest level they’ve been since the MBA began keeping track:

* 30-year fixed-rate mortgages decreased to 4.57 percent from 4.60 percent.

* 15-year fixed-rate mortgages decreased to 3.95 percent from 4.03 percent.

via REALTOR® Magazine-Daily News-Mortgage Volume Is Nearly Flat.

The Market Composite Index, a measure of mortgage loan application volume, increased 6.7 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 6.5 percent compared with the previous week. The four week moving average for the seasonally adjusted Market Index is up 6.4 percent.The Refinance Index increased 9.2 percent from the previous week and is the highest Refinance Index observed in the survey since the week ending May 15, 2009. The four week moving average is up 8.3 percent for the Refinance Index. The refinance share of mortgage activity increased to 78.7 percent of total applications from 76.8 percent the previous week, which is the highest refinance share observed in the survey since April 2009

via Refinance Apps Increase. Originators Work in Highly Competitive Environment.

Mortgage applications declined 1.2 percent last week compared to the previous week on an adjusted basis, according the Mortgage Bankers Association weekly survey.

On an unadjusted basis, purchased applications declined 2.3 percent and they were 36.8 percent lower than they were the same week a year ago.

The decline in purchase applications was driven by a 4.4 percent decrease in applications for government-backed mortgages, according to the MBA. Conventional purchase applications actually increased 1 percent.

Most mortgage rates were at their lowest point since mid-May:

* 30-year fixed-rate mortgages decreased to 4.75 percent from 4.82 percent.

* 15-year fixed-rate mortgages decreased to 4.19 percent from 4.23 percent.

* 1-year ARMs decreased to 7.05 percent from 7.07 percent.

Source: Mortgage Bankers Association (06/23/2010)

via REALTOR® Magazine-Daily News-Mortgage Applications Decline.

These are national averages and I’m not sure how Utah Real Estate numbers compare.

Mortgage questions

The most common types of mortgage questions that the borrowers should ask the lenders are given below:

1. Which type of loan is best?? Generally, the lenders gather information about the borrowers before offering a loan. However, the borrower should ask the lender to explain the pros and cons of different types of mortgage loans (fixed-rate mortgage, adjustable-rate mortgage, interest-only mortgage, negative-amortization mortgage) so that they are able to make the best deal.

2. What is the interest rate & annual percentage rate?
If the interest rate of the mortgage is adjustable, then the borrower must ask about these things: adjustment frequency, margin, index, highest rate (cap). ?The annual percentage rate (APR) is obtained by a difficult calculation. This is calculated by dividing the interest rate and all the other relevant lender fees by the loan’s term. However, the borrower should know that there is no method by which one can calculate the APR for an adjustable loan.

3. What are all the costs??The cost of a mortgage loan include fees that go into the lender’s pocket as well as third-party vendor fees such as: appraisal, credit report, taxes, escrow fees, pest inspection reports, lender’s title policy, recording fees, etc. According to federal law, the lender should give an estimate of these fees to the borrower.

4. Is there a prepayment penalty?? Sometimes, the borrowers try to pay the loan off early through refinancing or by selling a property. Therefore, the borrowers should ask the lenders about the prepayment penalty. In some states, prepayment penalty is not allowed any more. Generally, prepayment penalties allow the lender to collect an extra six months of “unearned interest”. The borrowers should ask the following questions: a) How much is the prepayment penalty? b) What are the terms of the prepayment?

However, if the lender can’t give suitable answers to these mortgage questions then the borrower should find another lender.

- Contributed by MortgageFit Community Member

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending March 26, 2010.  The Market Composite Index, a measure of mortgage loan application volume, increased 1.3 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index increased 1.5 percent compared with the previous week.

“Purchase applications have increased over the past month, and are now at their highest level since last October when many homebuyers were rushing to get loans closed before the expected expiration of the homebuyer tax credit,” said Michael Fratantoni, MBA’s Vice President of Research and Economics.  “We may be seeing a similar pattern now, as the extended version of the tax credit ends next month.”

Home buyers have a sense of urgency to try and purchase homes before the expiration of the home buyer tax credits. It’s not too late as homes just have to be under contract by the end of April. If you’re interested in buying while you can get government help, and while interest rates are so low, start looking for Utah Homes for Sale now.