To lock or to float? It depends what we’re talking about, right? If we were discussing your house’s front door, you’d want to lock it rather than let it float, beckoning in strangers. But if we were talking about the ability to fly, you’d have to be crazy not to choose float. Who wants to Read More »
Looking ahead, economic news for this week includes the Existing Home Sales report for April with an expectation of 5.00 million homes sold on a seasonally-adjusted annual basis against the March tally of 4.93 million homes sold.
Also set for release on Wednesday are the Federal Open Market Committee (FOMC) Minutes for the meeting held April 30 and May 1.
Mortgage rates rose last week with average rates a 30-year fixed rate mortgage rising from last week’s 3.35 percent to 3.42 percent with buyers paying all closing costs and 0.7 percent in discount points.
Mortgage rates fell last week and approached or reached record low levels. According to Freddie Mac, the average rate for a 30-year fixed rate mortgage (FRM) fell from 3.40 percent to 3.35 percent. Average rates for a 15-year FRM moved from 2.61percent to 2.56 percent.
Mortgage rates fell again last week and are again near record lows.
According to Freddie Mac, the average rate for a 15-year fixed rate mortgage did achieve a record low of 2.61 percent as compared to 3.1 percent one year ago.
The average rate for a 30-year fixed rate mortgage fell to 3.40 percent and near the record low of 3.31 percent.
Mortgage rates fell for the third consecutive week. According to Freddie Mac, the average rate for a 30-year fixed rate mortgage fell by two basis points to 3.41 percent as compared to last week’s 3.43 percent and 3.90 percent year-over-year.
Mortgage rates saw little change last week amidst mixed economic news.
Treasury auctions held on Tuesday, Wednesday and Thursday saw weak demand; this could have been caused by the FOMC minutes that were released on Wednesday.
Last week’s economic news includes several factors that drove U.S. mortgage rates lower.
Mortgage rates were lower last week as investors sought safety in bonds in the wake of US legislators’ failure to agree on budget cutbacks, and after Italyâs elections failed to reveal a leader committed to continuing economic reform.
“Where are mortgage rates at today?” “What is your interest rate?” “What is the rate for a 30 year fixed?” “What is the 15 year mortgage rate now?” “Can you get me a the 2% interest rate I see advertised from time to time?” In one form or another it is the same question, every Read More »