Utah Real Estate Mortgage Information » Interest Rates

Mortgage Rates and Home Prices – NYTimes.com

admin — Tue, 14 Sep 2010 23:19:31 +0000

Here is an interesting graph from the New York times that shows the relationship between mortgage interest rates, and US home prices. It would make sense that when interest rates are very low, home prices would rise because housing is more affordable. And when interest rates are high, home prices would fall. But there are a lot of other economic factors associated with the real estate market. There really isn’t an obvious correlation between the two when looking at these graphs.

Yet compare the national median home price to 30-year fixed mortgage rates over the last three decades with both indexed to 1 in 1971:

via Mortgage Rates and Home Prices – NYTimes.com.

New Mortgage Rate News – Interest Rates Up

admin — Thu, 09 Sep 2010 20:02:39 +0000

It looks like it finally happened. Mortgage interest rates actually stopped declining. There is no new record low this week. It appears as if last week was the time to buy or refinance for anyone wanting the best interest rate ever. Now, interest rates aren’t bad, they are still just about record lows, and are only up slightly from a week ago. Here are the details from the Inman News.

After being in freefall for much of the summer, mortgage rates took a break from their record-setting ways this week, with rates on three out of four mortgage types tracked by Freddie Mac flat or increasing slightly from last week. Rates for 30-year fixed-rate mortgage averaged 4.35 percent with an average 0.7 point for the week ending Sept. 9, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey. That’s up from 4.32 percent last week — a low in records dating to 1971 — but still well below the 5.07 percent average recorded during the same week a year ago.

Rates on 15-year fixed-rate mortgages averaged 3.83 percent with an average 0.6 point, unchanged from last week and down from 4.5 percent a year ago. Rates on 15-year fixed-rate loans have never been lower since Freddie Mac began tracking them in 1991. Also edging up were rates on 5-year Treasury-indexed hybrid adjustable-rate mortgage ARM loans, which averaged 3.56 percent with an average 0.6 point, up from 3.54 percent last week and 4.51 percent a year ago.

via Mortgage rates bottom out | Inman News.

Interest rates still make home affordability at near record levels whether you’re looking for Logan Utah Real Estate or Real Estate in Salt Lake City UT.

Mortgage Interest Rates Go Down, Again

admin — Fri, 20 Aug 2010 20:52:48 +0000

The standard news for Mortage Interest Rates, they’re down again. Because they keep going down every week are people waiting to refinance until they drop further? Will we possibly see an increase in refinances the moment interest rates start going up? Probably not, but the good news for anybody who plans to buy a Utah home in the next little bit is that mortgage financing is at all time lows.

Rates on fixed-rate mortgages tracked by Freddie Mac hit new lows this week, with 30-year fixed-rate loans averaging 4.42 percent with an average of 0.7 point.That’s down from 4.44 percent last week and 5.12 percent at the same time a year ago, and is a new low in records dating to 1971.It was the ninth straight week that 30-year-fixed mortgage rates met or set a new record low in Freddie Mac’s Primary Mortgage Market Survey.

via Mortgage rates go lower | Inman News.

Mortgage Rates Fall, Extend Record Lows – WSJ.com

admin — Tue, 27 Jul 2010 23:28:12 +0000

No Big Surprise, But Mortgage Rates are still at record lows. 30 Year fixed mortgages are at 4.56%, and 15 year fixed rates averaged 4.03%. With the way things are going, I’m beginning to think that mortgage interest rates might stay really low for quite a while. But, I’m usually wrong. I thought interest rates were going to go up after the Fed stopped buying treasury bonds. I was way wrong on that one. It’s nearly august, and Mortgage Interest rates keep dropping.

Mortgage rates fell in the past week, with the average rates on 30- and 15-year fixed-rate mortgages further extending record lows, according to Freddie Mac’s weekly survey.

Rates have been at or near record lows as the Treasury market has rallied amid stock-market volatility, pushing yields lower. Mortgage rates generally track Treasury yields.

The decline over the past few weeks also “echoes the recent signs of weakening confidence in the strength of the economy, particularly the housing and consumer sectors,” said Freddie Chief Economist Frank Nothaft.

The 30-year fixed-rate mortgage averaged 4.56% for the week ended Thursday, down from the prior week’s 4.57% average and 5.2% a year ago. Rates on 15-year fixed-rate mortgages were 4.03%, down from 4.06% and 4.68%, respectively.

Both the 30- and 15-year mortgage rates are at the lowest point since Freddie started tracking them, 1971 and 1991, respectively.

Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 3.79%, lower than the prior week’s 3.85% and 4.74% a year earlier. One-year Treasury-indexed ARMs hit a fresh low of 3.7%, down from 3.74% and 4.77%, respectively. That loan type has been followed by Freddie since 1984.

Mortgage Rates Fall, Extend Record Lows – WSJ.com.

15 Year Fixed Mortgage Rates at Record Lows

admin — Thu, 27 May 2010 20:37:43 +0000

Right now just might be the best time EVER to lock in a mortgage rate if you’re looking to buy Utah Real Estate. Interest rates overall are at near record lows, and interest rates for 15 year loans are at their Lowest Rate EVER. Here is the latest on the mortgage market from the Inman News. According to them, mortgage rates are rising, and likely to continue to rise.

Rates on 30-year fixed-rate mortgages were near record lows this week as instability in financial markets overseas had investors seeking safety in bonds and mortgage-backed securities, Freddie Mac said in releasing the results of its Primary Mortgage Market Survey.

Rates were headed back up today, however, as renewed confidence in markets had investors moving funds back into riskier investments.

Freddie Mac’s survey showed rates on conventional, conforming 30-year fixed-rate loans averaging 4.78 percent with an average of 0.7 point for the week ending May 27, down from 4.84 percent a week ago. That's the lowest rate since the 4.71 percent average during the week of Dec. 3.

The 15-year fixed-rate mortgage averaged 4.21 percent with an average of 0.7 percent, down from 4.24 percent a week ago and 4.53 percent at the same time a year ago. That’s the lowest rate registered since Freddie Mac began tracking 15-year loans in August 1991.

via Mortgage rates near record lows | Inman News.

These 15 year fixed mortgage rates are so low that, a house payment with a 15 year fixed payment would be almost the same as a 30 year fixed amortization schedule at a “normal” interest rate.

A 4.21% interest 15 year P&I payment on a $150,000 home loan, would be $1,125.38

A 30 Year fixed payment at 8.25% interest would be $1,126.90.

It might not be a bad time to refinance into a 15 year fixed mortgage and pay your house off much more quickly. Now there’s an idea. Pay your house off.

Interest Rates in the Post Fed-Purchase World

admin — Wed, 07 Apr 2010 20:38:50 +0000

Many experts believe that 30 year mortgage rates will rise quickly and dramatically once the Fed ends their policy of purchasing mortgage-backed-securities at the end of this month. However, as we get closer to the Fed’s exit there seems to be debate as to how much of an impact it will have.On one side of the debate are industry players like Guy Cecala, publisher of Inside Mortgage Finance, who said in an article in the San Francisco Chronicle: “There is no question rates have been kept artificially low by the Fed’s heavy buying. My opinion is that rates will go up a full percentage point initially, meaning that 30-year fixed conforming loans, now hovering around 5 percent, would hit 6 percent.”This group is basing their projections on the fact that the Fed had originated a huge percentage of the mortgages over the last two years

via Interest Rates in the Post Fed-Purchase World.

Mortgage Rates Up Today From Fear of Utah Credit Rating

admin — Wed, 24 Mar 2010 21:41:52 +0000

Mortgage Interest Rates shot up today due to fears of Credit Rating Agencies possibly downgrading the credit rating of the United States debt. This was already done with Portugal because of its excessive debt.

It is also nearly the end of the month where the Fed’s purchasing of mortgaged-backed-securities, artificially keeping mortgage interest rates down will end.

Many of the things I have read suggest that rates will rise slowly this year, and probably won’t get higher than 6%, but, with the sudden changes in the way things are they might rise suddenly, and quickly.

If you are looking to buy a home this year using mortgage financing, it really might be your best interest to get it done quickly.

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