mortgage rates

Mortgage rates fall for the first time in 3 weeks, but demand is still light

Mortgage rates fall for the first time in 3 weeks, but demand is still light

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) decreased to 3.03% from 3.06%.

Applications for a loan to purchase a home increased 3% for the week but were 16% lower than the same week one year ago.

Applications to refinance a home loan moved just 1% higher for the week and were 3% higher than the same week one year ago.

After rising for three weeks, mortgage rates came back down a bit last week, but it didn't seem to have much effect on mortgage demand.

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US long-term mortgage rates edge lower; 30-year at 2.71%

US long-term mortgage rates edge lower

WASHINGTON (AP) — U.S. long-term mortgage rates edged lower this week, reaching record lows for the 14th time this year against the backdrop of the pandemic-ravaged economy.

Mortgage finance giant Freddie Mac said Thursday the average rate on the 30-year fixed-rate home loan slipped to 2.71% from 2.72% last week. By contrast, the benchmark rate stood at 3.68% a year ago.

The average rate on 15-year fixed-rate loans declined to 2.26% from 2.28%.

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Mortgage rates set another record low, sparking new strength in refinances

Mortgage rates set another record low, sparking new strength in refinances

Mortgage rates moved even lower last week after setting multiple record lows in recent months, spurring more borrowers to call their lenders and apply for a refinance, but homebuyers were not quite as motivated. 

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of up to $510,400 slipped to 3.01% from 3.05%, while points decreased to 0.37 from 0.52 for loans with a 20% down payment. 

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Will mortgage rates move up or down in August?

Will mortgage rates move up or down in August

If you’re thinking about getting a mortgage, you might be concerned that mortgage interest rates may creep up in August after falling steeply since the start of the pandemic. The good news is experts expect rates to stay at or near historic lows in August 2020.

"Mortgage rates are likely to remain at record low levels through August and for the foreseeable future, given the weak economic backdrop. The uncertain nature of the coronavirus and the likelihood of a long economic recovery will keep a lid on mortgage rates," says Greg McBride, CFA, Bankrate chief financial analyst.

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Mortgage rates hold near recent lows, a lonely bit of good news for the housing market

So far this year, the 30-year fixed has averaged 4.54%, up from 3.99% in 2017

Rates for home loans held near two-month lows in the most recent week, another chance for would-be home buyers to get a foot in the door of the troubling housing market.

The 30-year fixed-rate mortgage averaged 4.81% in the Nov. 29 week, unchanged from the week before, mortgage liquidity provider Freddie Mac said Thursday. The 15-year fixed-rate mortgage averaged 4.25%, up one basis point during the week. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 4.12%, up from 4.09%.

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