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

Right now you could have a $150,000 home loan with a Principal and Interest monthly payment of just $711. In many areas of Utah, that will provide you with a pretty nice home.

Here is the latest from the Freddie Mac residential mortgage survey:

30 Year interest rates averaged less than 4 percent at 3.94%. 15 year fixed rate mortgages were just 3.21%, and 5 year ARMS were just 2.93%. In simple terms this means…. Your monthly payment will be very, very low.

If you really want to build wealth, go for a 15 year mortgage. With 15 year mortgages you pay a lot less interest and pay your home off in half the time. At the current average 15 year fixed interest rates that same $150,000 mortgage loan would have a P&I interest rate of just $1,051. In more normal times, this would be the payment you would have with a 30 year loan! Same monthly payment, but for half the term.

Get yourself a great Christmas present. Save money for years to come by buying a new Home in Utah now.

According to the latest projections from the National Association of Realtors® (NAR), interest rates should gradually rise out of historic lows as we move through 2012.

This isn’t the most welcome news for a housing market that has continued to falter and a credit market that already has tightened lending standards

The NAR reports that current surveys reflect the tight credit conditions. They report that recent buyers are staying well within their means, with higher incomes and higher down payments.

Richard Peach, Senior Vice President at the Federal Reserve Board of New York, who said the economy is under-performing, reports, “Nearly two-and-a-half years since the end of ‘the great recession,’ the economy continues to operate well below its potential. Among the significant structural impediments are the legacy of the housing boom and bust, and fiscal contrition at the state and local level.”

Lawrence Yun, chief economist of the National Association of Realtors®, said home sales should be stronger. “Tight mortgage credit conditions have been holding back home buyers all year, and consumer confidence has been shaky recently,” he said. “Nonetheless, there is a sizable pent-up demand based on population growth, employment levels and a doubling-up phenomenon that can’t continue indefinitely. This demand could quickly stimulate the market when conditions improve.”

It is this improving jobs markets that many analysts are waiting for. Yun projects the GDP will grow 1.8 percent this year and 2.2 percent in 2012. The unemployment rate should decline, albeit modestly, to around 8.7 percent by the end of 2012.

Around this same time, experts expect that “mortgage interest rates should gradually rise from recent record lows and reach 4.5 percent by the middle of 2012.”

via Cornerstone Real Estate ‘s Real Estate Update.

Adjustable-rate mortgage loans hit new lows this week and fixed-rate mortgages remained near historic lows for a fifth consecutive week, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey.Looking back a week, a separate survey by the Mortgage Bankers Association showed demand for purchase loans falling by a seasonally adjusted 0.8 percent from the week before.

The MBA’s Weekly Mortgage Applications Survey for the week ending Nov. 25 — which also included an adjustment to account for the Thanksgiving holiday — showed demand for purchase loans was down 18.2 percent from the same week a year ago.Freddie Mac’s survey showed rates on 30-year fixed-rate mortgage FRM averaging 4 percent with an average 0.7 point for the week ending Dec. 1, up from 3.98 percent last week but down from 4.46 percent a year ago.Article continues belowAdvertise with InmanRates on 30-year fixed-rate loans hit a 2011 high of 5.05 percent in February, before falling to an all-time low in records dating to 1971 of 3.94 percent during the week ending Oct. 6.For 15-year fixed-rate loans, rates averaged 3.3 percent with an average 0.8 point, unchanged from last week and well below the 3.81 percent average at the same time a year ago. Rates on 15-year reached a 2011 high of 4.29 percent in February, before falling to an all-time low in records dating to 1991 of 3.26 percent in October.

Rates on five-year Treasury-indexed hybrid adjustable-rate mortgage ARM loans averaged 2.9 percent this week with an average 0.6 point, a new all-time low in records dating to 2005. At this time a year ago, five-year ARM loans averaged 3.49 percent, before climbing to a 2011 high of 3.92 percent in February.

via Rates on ARM loans set new lows | Inman News.

But increasingly, the recent vagaries of the job market are also causing this issue, as people who have changed their line of work or have changed from salaried employee to freelancer over the last couple of years can also have their home loan applications rejected based on income.

2. Muddled money matters. If the mortgage for which you’re applying plus your monthly payments on credit card, car and student loan debts will comprise more than 45 percent of your total income, you could have problems qualifying for a home loan. You might also run into problems if you rely too heavily on bonuses, overtime, cash wages or rental income — all of these can be difficult or impossible to get a mortgage bank to consider, and if they do, they might not take all of it into account.

3. Credit issues. Today, the mortgage-qualifying FICO score cutoff falls somewhere between 620 and 660, depending on which lender and which loan type you seek. More than one-third of Americans, by some numbers, have credit scores too low to qualify for a home loan. Even if your credit score is high enough to qualify, if you have any late mortgage payments, a short sale, a foreclosure or a bankruptcy in the last two years, loan qualifying could be difficult to impossible.

4. Property didn’t appraise. Since the whole industry had its hand (among other things) smacked for allowing home values to skyrocket in a very short time, appraisal guidelines have tightened up — some would say, even more than overall mortgage guidelines. So, it is increasingly common to have the property appraise for a price lower than the sale price negotiated between the buyer and seller.

This is especially common in the refinance realm, as well over a quarter of U.S. homes are now upside-down, meaning the mortgage balance owed is greater than the value of the home. (If you’re trying to refinance an upside-down mortgage, consider the FHA Short Refi program — contact your lender or get referrals to any mortgage broker who makes FHA details to apply.)

5. Condition problems. With all the distressed properties on the market, and with most nondistressed sellers barely breaking even, more home-sale transactions than ever are falling apart due to condition problems with the property. Many lenders will not extend financing on homes where the appraiser points out problems like cracked or broken windows, missing kitchen appliances, electrical problems, or wood rot.

And in the world of condos and other units that belong to a homeowners association, if more than 25 percent of units are rented (rather than owner-occupied) or more than 15 percent are delinquent on their HOA dues, new applications for refinance or purchase mortgages on units in the development are likely to be rejected.

6. Technical difficulties with application. The days when lenders just took your word for it are long, long gone. Applications with incomplete or unverifiable information are doomed.

If any of these mortgage loan application glitches arise in your homebuying or refinancing process, it’s critical that you connect with your mortgage professional, be it your banker or mortgage broker, to determine what course of action to take.

via Lowe’s Inside Out Home Improvement Tips | Produced by Inman News.

5-year Treasury-indexed hybrid adjustable-rate mortgage ARM averaged 3.02 percent this week, with an average 0.6 point, unchanged from last week when it averaged 3.02 percent. A year ago, the 5-year ARM averaged 3.52 percent.

1-year Treasury-indexed ARM averaged 2.83 percent this week with an average 0.6 point, up from last week when it averaged 2.82 percent. At this time last year, the 1-year ARM averaged 3.48 percent.

Fixed mortgage rates fell to all-time record lows this week following the Federal Reserve’s announcement of its Maturity Extension Program and additional purchases of mortgage-backed securities. Interest rates for ARMs, however, were nearly unchanged as the Federal Reserve plans to sell $400 billion in short-term Treasury securities, which serve as benchmarks for many ARMs.”Meanwhile, the spring and summer home-buying season gave a boost to a number of house price indexes. The Federal Housing Finance Agency reported that its National index not seasonally adjusted rose for the fourth consecutive month in July. Similarly, the S&P/Case-Shiller 20-City composite index, which has a broader scope of properties, rose 0.9 percent between June and July with 17 of the cities experiencing positive monthly growth. Finally, CoreLogic reported that its index, excluding distressed sales, increased at a 1.7 percent monthly rate for the same month.”

via Cornerstone Real Estate ‘s Real Estate Update.

Wow. Awesome time to buy Utah Real Estate.

Mortgage giant Freddie Mac reports that mortgage rates set new record lows this week, as concerns over the European debt crisis and a weak U.S. employment report for August sent investors fleeing to the relative safety of Treasuries and mortgage-backed securities that fund most home loans.But a separate survey by the Mortgage Bankers Association showed demand for purchase loans remaining “at extremely low levels” last week, close to lows last seen in 1996.Rates on 30-year fixed-rate mortgages averaged 4.12 percent with an average 0.7 point for the week ending Sept. 8 — a new low in records dating to 1971, Freddie Mac said in releasing the results of its latest Primary Mortgage Market Survey. That’s down from 4.22 percent last week and a 2011 high of 5.05 percent in February.

Rates on 15-year fixed-rate mortgages averaged 3.33 percent with an average 0.6 point, down from 3.39 percent last week and a 2011 high of 4.29 percent seen in February. That’s a new low in records dating to 1991.

via Mortgage rates break records again | Inman News.

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.

Great news for home buyers again, 30 year fixed mortgage rates are at their lowest rates ever. If you buy down some points, or get a really great lender, you can have an interest rate of less than 4%. And we though interest rates last week were good.

“The average rate on a 30-year fixed mortgage has fallen to its lowest level on records dating to 1971. The rate on the most popular mortgage dipped to 4.15 percent from 4.32 percent a week ago, Freddie Mac said Thursday. Its previous low of 4.17 percent was reached in November. Most homeowners are paying rates more than a full percentage point higher than the current average. The average rate on all outstanding mortgages is 5.3 percent, Freddie Mac said, citing data from the Bureau of Economic Analysis. After previous recessions, housing accounted for 15 percent to 20 percent of overall economic growth. This time, in 2009 and 2010, housing contributed just 4 percent to the economy. Banks are also insisting on higher credit scores and larger down payments for first-time buyers. Many repeat buyers have too little equity invested in their homes to qualify for loans. Others are too nervous about the economy or their job security to invest in a home.”

via Orange County Mortgage – Best Rates in 40 years of history | Orange County California Real Estate.

Thursday, August 11th, 2011, 10:09 amMortgage interest rates plummeted to new lows this week as the economy felt the stings of European debt concerns and investors rushed to U.S. Treasurys, a scenario that pushed long-term yields lower.The 30-year, fixed-rate mortgage fell to 4.32%, its lowest point this year. That’s down from 4.39% last week and 4.44% a year earlier, Freddie Mac said in its primary mortgage market survey. The 15-year, FRM decreased to 3.5% from 3.54% a week earlier and 3.92% last year. In addition, the five-year, Treasury-indexed hybrid, adjustable-rate mortgage hit 3.13%, down from 3.18% last week and 3.56% a year ago.

via Mortgage rates plummet to new lows on market concerns « HousingWire.