Tag Archives: Jumbo mortgage

Mortgage rates hit record low of 3.94%: Freddie

Mortgage rates hit record low of 3.94%: Freddie.

Report from HousingWire that the 30 year fixed rate mortgage average is down to 3.94%.

The average rate for a conventional 30-year, fixed-rate mortgage dropped below 4% for the first time in history amid increasing global concerns, according to Freddie Mac.

Today’s rates from Edina Realty nudged up a bit from yesterday, I suspect these will dip back down.

Today’s Mortgage Rates

The current interest rates shown below are based on a purchase of a single-family, primary residence. For current refinance rates, contact us

as of 10/06/2011 09:35 AM Central

Product Interest Rate APR
Conforming1 and FHA1 Loans
30-Year Fixed 4.125% 4.308%
30-Year Fixed FHA 3.750% 4.550%
15-Year Fixed 3.250% 3.566%
7-Year ARM 2.875% 3.180%
5-Year ARM FHA 2.750% 2.908%
Jumbo1 Loans – Amounts that exceed conforming loan limits1
30-Year Fixed 4.375% 4.518%
 Equal Housing Lender

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US Mortgage Purchase Applications at 15-Year Low

This is not surprising news, and I don’t find it too alarming at this point.  We have had a turbulent couple weeks in the stock market bring uncertainty to many households.   We are back to 1996 levels on mortgage applications.  What is surprising is that it is the complete opposite of record low interest rates….  which puts into perspective the extent of the uncertainty out there…

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell 2.4 percent in the week ended Aug.19.

The seasonally adjusted gauge of loan requests for home purchases tumbled 5.7 percent to its lowest level since December 1996, the MBA said.

“This decline impacted borrowers across the board, with purchase applications for jumbo loans falling by more than 15 percent and purchase applications for the government housing programs falling by 8.2 percent.” The refinance share of mortgage activity increased to 79.8 percent of total applications from 78.8 percent the week before.

Fixed 30-year mortgage rates averaged 4.39 percent, up from 4.32 percent.

Full Story from CNBC

Calculated Risk is great at graphing this information.  Once again another great chart from Calculated Risk showing the mortgage applications:

Mortgage Applications Aug 24 2011 CalculatedRiskBlog

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