15 Year Fixed Rate Mortgage

Mortgage Rates Drop to Record Lows Again!

Filed under 15 year fixed rate, 15 Year Fixed Rate Mortgage, 15 Year Mortgage, 30 Year Fixed Rate, 30-Year Fixed Mortgage, Adjustable-Rate Mortgages, ARMs, Fixed-Rate Mortgages, Frank Nothaft, Freddie Mac, get a mortgage, Home Loans, home mortgage loans, Home Mortgages, Mortgage, Mortgage Loan, Mortgage Loans, Mortgage Rates, Mortgage Refinance, mortgage report, pmms report, Quicken Loans, Quicken Loans Blog, Quicken Loans Zing Blog, Refinance Home, Refinance Loans, Refinance Mortgage, weekly primary mortgage market survey, Zing Blog by Eric Mally on May 17, 2012 at 11:03 am {no comments}

OK – this is just getting ridiculous already.

If last week’s mortgage rates were crazy low, this week’s mortgage rates would be classified as “unbelievably, astonishingly, insanely, stupid low.”

That’s right people – according to the Weekly Primary Mortgage Market Survey from Freddie Mac, mortgage rates yet again dropped to all-time record lows for the third consecutive week.

I’m this excited about mortgage rates being this low, simply because this is the best possible time for potential homebuyers – or homeowners looking to refinance into a lower rate – to finally make the call and start saving money.

Let’s take a gander at the numbers, shall we?

According to the national averages compiled by Freddic Mac last week, 30-year fixed-rate mortgages fell from 3.83 percent with 0.7 points last week to a new all-time low of 3.79 percent with 0.7 points in this week’s report. In the modern mortgage era, the 30-year fixed-rate mortgage has never seen a rate this low. Last year at this time, 30-year fixed-rate mortgages averaged a whopping 4.61 percent. Keep in mind, this is the national average from last week. Not the rate available today.

15-year fixed-rate mortgages fell to a new record low of 3.04 percent with 0.7 points from last week’s 3.05 percent with 0.7 points, which makes me think – could we possibly see a 15-year fixed-rate mortgage below 3.00 percent? One can only dream, I suppose, but it does seem like a strong possibility seeing that 15-year fixed-rate mortgages have dropped every week for the past five weeks. Last year at this time, 15-year fixed-rate mortgages averaged 3.80 percent.

ARMs, our often-overlooked friends, decided to go against the grain and climb up slightly. 5/1-year ARMs jumped to 2.83 percent with 0.6 points this week from last week’s 2.81 percent with 0.5 points, while 1-year ARMs climbed to 2.78 percent with 0.5 points from last week’s 2.73 percent with 0.5 points.

12 months ago, 5/1-year ARMs and 1-year ARMs averaged 3.48 percent and 3.15 percent, respectively.

If you’re new to the weekly PMMS report over here at the Quicken Loans Zing! Blog, now is my favorite time of the week: we get a special treat from our dear-pseudo friend Frank Nothaft, vice president and chief economist from Freddie Mac.

A couple weeks back, Frank somehow managed to contain his excitement when mortgage rates fell to record lows at the time. How would he do this week?

He explained, “The European debt crisis overshadowed improving economic indicators for the U.S. and allowed Treasury bond yields and fixed mortgage rates to ease for another week. For instance, Industrial production rose 1.1 percent in April – the largest gain since December 2010 – and consumer sentiment in May rose to its highest reading since January 2008, according to the University of Michigan.”

Mortgage rates eased for another week? C’mon, Frank! Jump up and click your heels together or something here!!

Anyway, as a wise man once told me, “Waiting to refinance or to lock in to a new mortgage will be a bigger mistake than snorting a line of wasabi.”

I don’t know if you’ve ever tried snorting wasabi, but you will regret it, so don’t regret missing out on these great rates!

Mortgage Rates Set Record Lows for Second Consecutive Week

Filed under 15 year fixed rate, 15 Year Fixed Rate Mortgage, 15 Year Mortgage, 30 Year Fixed Rate, 30-Year Fixed Mortgage, Adjustable-Rate Mortgages, ARMs, Fixed-Rate Mortgages, Frank Nothaft, Freddie Mac, get a mortgage, home mortgage loans, Home Mortgages, Mortgage, Mortgage Blog, Mortgage Loan, Mortgage Loans, Mortgage Rates, Mortgage Refinance, mortgage report, pmms report, Quicken Loans, Quicken Loans Blog, Quicken Loans Zing Blog, Refinance Home, Refinance Loans, Refinance Mortgage, weekly primary mortgage market survey, Zing Blog by Eric Mally on May 10, 2012 at 1:19 pm {no comments}

In the history of the modern mortgage era, mortgage rates have never been this low.

In the history of the weekly Primary Mortgage Market Survey from Freddie Mac and our breakdown of it, we have never started off with a haiku.

Today, that changes.

Mortgage rates are low

I cannot believe my eyes

Want to save money?

By my own admission, I’m not the best haiku composer, but you get my point. Mortgage rates are crazy low right now, and you’re missing out on the opportunity of a lifetime if you don’t lock in to a record low rate.

Let’s take a look at the numbers.

30-year fixed-rate mortgages fell to 3.83 percent with 0.7 points from last week’s 3.84 percent with 0.8 points. This marks the 18^th week out of a possible 19 weeks in 2012 when 30-year fixed-rate mortgages averaged less than 4.00 percent. Last year at this time, 30-year fixed rate mortgages averaged 4.63 percent.

15-year fixed-rate mortgages have slipped for the fourth consecutive week by setting a new record low of 3.05 percent with 0.7 points, falling from last week’s 3.07 percent with 0.7 points. A year ago, 15-year fixed-rate mortgages averaged 3.82 percent.

5/1-year ARMs fell from last week’s 2.85 percent with 0.7 points to 2.81 percent with 0.5 points this week. On the other hand, 1-year ARMs decided to be the runt of the bunch and increase slightly, jumping to 2.73 percent with 0.5 points from last week’s 2.70 percent with 0.6 points.

Last year at this time, 5/1-year ARMs and 1-year ARMs averaged 3.41 percent and 3.11 percent, respectively.

If you remember last week, my pal Frank Nothaft, vice president and chief economist of Freddie Mac, wasn’t necessarily as giddy as I would have expected him to be, considering mortgage rates were at unprecedented levels.

What’d he have to say this week?

He explained, “Following April’s weaker than expected employment report, and the French and Greek election results raising concerns over the stability of the Euro currency zone, long-term Treasury bond yields declined allowing fixed mortgage rates to ease to new all-time record lows this week. The economy added just 115,000 jobs, bellow the market consensus forecast and less than in March. And although the unemployment rate declined, it reflected fewer people actively seeking jobs.”

Oh let’s talk about European stability and the unemployment rate and just glaze over the fact that mortgage rates are at all time lows.

It’s so hard to read this guy sometimes.

Regardless, you know where I’m going with this – all of those times when I said “Now is the best time to refinance or get a mortgage,” I lied. I apologize.

NOW is the best time to refinance or lock in to an amazingly low mortgage rate. What are you waiting for? Don’t miss out!

Mortgage Rates at Record Lows – Act Today!

Filed under 15 year fixed rate, 15 Year Fixed Rate Mortgage, 15 Year Mortgage, 30 Year Fixed Rate, 30-Year Fixed Mortgage, Adjustable-Rate Mortgages, ARMs, Fixed-Rate Mortgages, Frank Nothaft, Freddie Mac, get a mortgage, home loan blog, home mortgage loans, Home Mortgages, Mortgage, Mortgage Blog, Mortgage Loan, Mortgage Loans, Mortgage Rates, Mortgage Refinance, mortgage report, pmms report, Quicken Loans, Quicken Loans Blog, Quicken Loans Zing Blog, Refinance Home, Refinance Loans, Refinance Mortgage, weekly primary mortgage market survey, Zing Blog by Eric Mally on May 3, 2012 at 2:48 pm {no comments}

Don’t rub your eyes.

Don’t adjust your monitor.

You read that headline perfectly clear.

Mortgage rates are at record lows, according to this week’s Primary Mortgage Market Survey from Freddie Mac.

In the history of the modern mortgage, we have never seen mortgage rates this low.

Let me rephrase that: in the history of the modern mortgage, all you potential home buyers and refinance-eligible homeowners out there have never been able to save as much money as you can today.

Allow me to enlighten you with the numbers.

30-year fixed-rate mortgages dropped to 3.84 percent with 0.8 points this week from last week’s 3.88 percent with 0.7 points. This, my friends, is the lowest a 30-year fixed-rate mortgage has ever been. Last year at this time, the 30-year fixed-rate mortgage averaged 4.71 percent.

Joining the “why-don’t-we-drop-to-levels-that-are-unprecedented-for-mortgage-rates” party is the 15-year fixed-rate mortgage, which dropped to 3.07 percent with 0.7 points from last week’s 3.12 percent with 0.6 points. 12 months ago, 15-year fixed-rate mortgages averaged 3.89 percent.

5/1-year ARMs stood pat at 2.85 percent, while 1-year ARMs dropped to 2.70 percent with 0.6 points from last week’s 2.74 percent with 0.6 points.

Last year at this time, 5/1-year ARMs and 1-year ARMs averaged 3.47 percent and 3.14 percent, respectively.

When I saw that rates hit record lows, I immediately thought about how my main man and longtime pseudo friend Frank Nothaft, vice president and chief economist for Freddie Mac, would react.

Would he celebrate like he had won the World Series?

Would he jump for glee like a kid in a candy shop?

Well, here’s what he had to say, and I’ll let you determine his reaction.

He explained, “Signs of slowing economic growth and inflation remaining subdued allowed yields on Treasury bonds to ease somewhat and brought most mortgage rates to new all-time record lows this week. Real Gross Domestic Product rose at an annualized rate of 2.2 percent in the first quarter of this year, down from the previous quarter of 3.0 percent and below the market consensus forecast of 2.5 percent. In addition, the 12-month growth in the core price index of personal consumption expenditures was 2.0 percent in March, which matches the Federal Reserve’s implied inflation target.”

Not exactly the reaction I was expecting, but a dynamite drop-in by Frank as always.

Here’s the deal – rates have never been this low. If you were waiting for some reason to refinance or lock in to a mortgage, now is the time to do it.

There hasn’t been a better time than now, so act today and start saving!

Mortgage Rates Take a Dip, Hold Near Record Lows

Filed under 15 year fixed rate, 15 Year Fixed Rate Mortgage, 15 Year Mortgage, 30 Year Fixed Rate, 30-Year Fixed Mortgage, Adjustable-Rate Mortgages, ARMs, Fixed-Rate Mortgages, Frank Nothaft, Freddie Mac, get a mortgage, home loan blog, Home Loans, home mortgage loans, Home Mortgages, Mortgage, Mortgage Blog, Mortgage Loan, Mortgage Loans, Mortgage Rates, Mortgage Refinance, mortgage report, pmms report, Quicken Loans, Quicken Loans Blog, Quicken Loans Zing Blog, Refinance Home, Refinance Loans, Refinance Mortgage, weekly primary mortgage market survey, Zing Blog by Eric Mally on April 26, 2012 at 5:24 pm {no comments}

The cycle continues.

Mortgage rates have alternated from jumping to dropping every week in the month of April, and this week continued that trend.

It’s sort of like a roller coaster. Wait, who am I kidding? It’s definitely like a roller coaster.

Speaking of which, have you guys heard of the Kingda Ka in at Six Flags Great Adventure in Jackson, New Jersey?? It tops out at 128 miles per hour, and is the world’s tallest roller coaster with a top height of 456 feet! That’s insane!

So let’s take a look at the numbers from this week’s Primary Mortgage Market Survey from Freddie Mac.

30-year fixed-rate mortgages dropped from 3.90 percent with 0.8 points last week to 3.88 percent with 0.7 points this week. This makes it 16 weeks out of 17 where the 30-year fixed-rate mortgage averaged below 4.00 percent (we all remember March 22, don’t we?). Last year at this time, 30-year fixed-rate mortgages averaged 4.78 percent.

15-year fixed-rate mortgages also fell this week, slipping to 3.12 percent with 0.6 points this week, from last week’s 3.13 percent with 0.7 points. It’s not that far off from the record of 3.11 percent set on April 12. A year ago, 15-year fixed-rate mortgages averaged 3.97 percent.

5/1-year ARMs saw a slight increase this week, jumping to 2.85 percent with 0.6 points this week, from last week’s 2.78 percent with 0.7 points. 1-year ARMs took a dip south from last week’s 2.81 percent with 0.6 points to 2.74 percent with 0.6 points.

Last year at this time, 5/1-year ARMs and 1-year ARMs averaged 3.51 percent and 3.15 percent, respectively.

Now, for the moment you’ve all waited seven long days for, “What Did Frank Have to Say,” starring none other than Frank Nothaft, vice president and chief economist for Freddie Mac!

Frank chimed in with some commentary on the Fed’s monetary policy announcement yesterday, but if you read my breakdown of it, which you most definitely should, it will all be the same information. Read it. You’ll like it.

Nothaft explained, “The housing market has also shown some improvement as well. The Federal Housing Finance Agency’s purchase-only house price index rose at a monthly rate of 0.3 percent in February. Moreover, 12 out of 20 metropolitan areas experienced increases over the month, according to the S&P/Case-Shiller® 20-city indexes, led by a 2.1 percent gain in Phoenix. New home sales in March were stronger than the consensus market forecast and February’s sales were revised upwards to the strongest in almost two years. However, the Fed’s statement warned that despite some signs of improvement, the housing sector still remains depressed.”

My words precisely, Frank.

Don’t take a gamble and bank on mortgage rates staying near record lows forever! Get off your butt and refinance or lock in to a fixed-rate mortgage today!

Mortgage Rates Inch Upward

Filed under 15 year fixed rate, 15 Year Fixed Rate Mortgage, 15 Year Mortgage, 30 Year Fixed Rate, 30-Year Fixed Mortgage, Adjustable-Rate Mortgages, ARMs, Fixed-Rate Mortgages, Frank Nothaft, Freddie Mac, get a mortgage, home mortgage loans, Home Mortgages, Mortgage, Mortgage Blog, Mortgage Loan, Mortgage Loans, Mortgage Rates, Mortgage Refinance, mortgage report, pmms report, Quicken Loans, Quicken Loans Blog, Quicken Loans Zing Blog, Refinance Home, Refinance Loans, Refinance Mortgage, weekly primary mortgage market survey, Zing Blog by Eric Mally on April 19, 2012 at 1:47 pm {no comments}

Mortgage rates moved slightly up this week. But, I’ll get into that later.

What I’m more concerned about now is how I can creatively introduce what happened to mortgage rates according to Freddie Mac’s Weekly Primary Mortgage Market Survey.

What would be a good simile here? “Mortgage rates moved up like milk rising to the top.”

Nah – not a fan.

How about an analogy? “Just as the Detroit Tigers are climbing to the top of the power rankings, mortgage rates climbed up this week, too.”

Although I do love my Tigers, I just don’t think this works.

Maybe a little four-line poem?

Mortgage rates rise,

It should be no surprise.

While rates are still low,

When will they go?

Regardless, I think you catch my drift.

Let’s dive right into the numbers.

30-year fixed-rate mortgages climbed slightly to 3.90 percent with 0.8 points this week, from last week’s 3.88 percent with 0.7 points. This is the fourth week in a row that 30-year fixed-rate mortgages averaged lower than 4.00 percent. Last year at this time, 30-year fixed-rate mortgages averaged 4.80 percent.

15-year fixed-rate mortgages averaged 3.13 percent with 0.7 points, up from last week’s record low of 3.11 percent with 0.7 points. This is still significantly lower than the average for 15-year fixed-rate mortgages last year, when the average was 4.02 percent.

5/1-year ARMs were the only rates that saw a drop, falling to 2.87 percent with 0.7 points, from last week’s 2.85 percent with 0.7 points. 1-year ARMs jumped slightly from last week’s 2.80 percent with 0.6 points to 2.81 percent with 0.6 points.

Last year at this time, 5/1-year ARMs and 1-year ARMs averaged 3.61 percent and 3.16 percent, respectively.

If you’re a fan of the weekly PMMS report post, you know that this is the time where our dear friend Frank Nothaft, vice president and chief economist from Freddie Mac, chimes in with his two cents on the week’s mortgage rates.

This week, for some reason, Frank was awfully brief and succinct. I hope everything is OK with him.

Frank, if you need someone to talk to, I’m here for you, pal.

Frank explained, “Fixed mortgage rates held relatively stable this week amid signs that inflation remains in check. Industrial production was flat in March, a reading below the market consensus forecast. Meanwhile, both headline inflation gauges (the consumer and produce price indexes) for March were in line with market expectations.”

What Frank really meant was that we don’t know how much longer we will enjoy these mortgage rates, so refinance or call us today before they shoot up like a rocket going to the final frontier.

That one was decent.

15-Year Fixed-Rate Mortgages Hit Record Low

Filed under 15 year fixed rate, 15 Year Fixed Rate Mortgage, 15 Year Mortgage, 30 Year Fixed Rate, 30-Year Fixed Mortgage, Adjustable-Rate Mortgages, ARMs, Fixed-Rate Mortgages, Frank Nothaft, Freddie Mac, get a mortgage, Home Buying, Home Loans, home mortgage loans, Home Mortgages, Home Sales, Mortgage, Mortgage Loan, Mortgage Loans, Mortgage News, Mortgage Rates, Mortgage Refinance, mortgage report, Mortgage Updates and Changes, pmms report, Quicken Loans, Quicken Loans Blog, Quicken Loans Zing Blog, Refinance Home, Refinance Loans, Refinance Mortgage, Smart Shopper, weekly primary mortgage market survey, Zing Blog by Eric Mally on April 12, 2012 at 2:02 pm {no comments}

After skyrocketing two weeks ago, it seems that mortgage rates have fallen back to territory that we have been enjoying for most of the year.

Let’s pause for a second and think about how fickle mortgage rates can be – one week they’re near record lows, then the next week they take an enormous leap for no apparent reason.

Seems to me that if you are thinking about refinancing or locking in to a mortgage, you shouldn’t wait much longer. But we’ll get into that later.

Let’s take a look at this week’s numbers from Freddie Mac’s Primary Mortgage Market Survey.

30-year fixed-rate mortgages fell to 3.88 percent with 0.7 points from last week’s 3.98 percent with 0.7 points. This is a decent sized drop considering it was only three weeks ago that 30-year fixed-rate mortgages averaged 4.08 percent. Last year at this time, 30-year fixed-rate mortgages averaged 4.91 percent.

The big news this week is that 15-year fixed-rate mortgages hit a new all-time record low by falling to 3.11 percent with 0.7 points from last week’s 3.21 percent with 0.7 points. If you remember correctly, the last record low was set on March 8,2012 when 15-year fixed-rate mortgages averaged 3.13 percent. 12 months ago, 15-year fixed rate-mortgages averaged 4.13 percent.

There were mixed results on the ARM front this week, as 5/1-year ARMs decreased to 2.85 percent with 0.7 points from last week’s 2.86 percent with 0.8 points, and 1-year ARMs jumped from last week’s 2.78 percent with 0.6 points to 2.80 percent with 0.6 points this week.

Last year at this time, 5/1-year ARMs and 1-year ARMs averaged 3.78 percent and 3.25 percent, respectively.

Now, for the moment you’ve all been waiting for: the weekly “What the Heck Did Frank Have to Say” segment, starring none other than Frank Nothaft, vice president and chief economist of Freddie Mac.

He ever-so-eloquently explained, “Fixed mortgage rates eased for the third consecutive week following long-term Treasury bond yields lower after a weaker than expected employment report for March. Although the unemployment rate fell to the lowest reading since January 2009, the overall economy added just 120,000 new jobs in March, nearly half of that of the market consensus forecast. On a more positive note, the Federal Reserve reported hiring was steady, or showed a modest increase, across many of its Districts in its April 11^th Beige Book of regional economic conditions.”

I’m happy Frank capped it off with something relatively positive.

Now, touching back on a previously discussed topic, GET OFF OF YOUR BUTT AND REFINANCE OR GET A NEW MORTGAGE TODAY!!

Seriously, folks. I can’t predict if these rates will stay low for long. All I know is that it seems almost too good to be true, and if you don’t act now, you could be left in the dust.

Call us today!

30-Year Fixed-Rate Mortgages Fall Back Below 4%

Filed under 15 year fixed rate, 15 Year Fixed Rate Mortgage, 15 Year Mortgage, 30 Year Fixed Rate, 30-Year Fixed Mortgage, Adjustable-Rate Mortgages, ARMs, Fixed-Rate Mortgages, Frank Nothaft, Freddie Mac, get a mortgage, home mortgage loans, Home Mortgages, Mortgage, Mortgage Loan, Mortgage Loans, Mortgage Rates, Mortgage Refinance, mortgage report, pmms report, Quicken Loans, Quicken Loans Blog, Quicken Loans Zing Blog, Refinance Home, Refinance Loans, Refinance Mortgage, weekly primary mortgage market survey, Zing Blog by Eric Mally on March 29, 2012 at 4:00 pm {no comments}

Mortgage rates took a dip back south all across the board after last week’s unexpected rise in rates, according to the Weekly Primary Mortgage Market Survey from Freddie Mac.

Last week, the average for a 30-year fixed rate jumped above 4.00 percent for the first time in 2012 to 4.08 percent with 0.8 points, but fell this week to 3.99 percent with 0.7 points. This is down significantly from last year’s average of 4.86 percent.

15-year fixed-rate mortgages fell to 3.23 percent with 0.8 points from last week’s 3.30 percent with 0.8 points – not quite back to the record level of 3.13 percent set back on March 8, 2012, but making progress. Last year at this time, the 15-year fixed-rate mortgage averaged 4.09 percent.

5/1-year ARMs fell to 2.90 percent with 0.8 points from last week’s 2.96 percent with 0.7 points, while 1-year ARMs fell from last week’s 2.84 percent with 0.6 points to 2.78 percent with 0.6 points.

At this time last year, 5/1-year ARMs and 1-year ARMs averaged 3.70 percent and 3.26 percent, respectively.

Now, I’m not going to lie. I was a little disappointed this week with the brevity of my main man Frank Nothaft’s comments.

I feel like I look forward to his comments far more than the average bear, but in a non-creepy way.

Anyway, he explained, “Mortgage rates slid this week amid weaker housing economic indicators. The S&P/Case Shiller 20-City Composite home price index slid in January to its lowest reading since December 2002. In addition, new home sales declined 0.5 percent in February, below the market consensus of an increase, and pending existing home sales also decline for the month.”

Given the unexpected rise of mortgage rates last week, there is no telling whether or not rates will stay this low. I would strongly encourage you to refinance or lock in to a mortgage sooner, rather than later. Give us a call today, and we’ll help you out.

Also, if you leave a comment in the comment section, we will be sure to put you in touch with the right people to give you the smoothest mortgage process ever!

30-Year Fixed Mortgage Rates Top 4% for the First Time in 2012

Filed under 15 year fixed rate, 15 Year Fixed Rate Mortgage, 15 Year Mortgage, 30 Year Fixed Rate, 30-Year Fixed Mortgage, Adjustable-Rate Mortgages, ARMs, Fixed-Rate Mortgages, Frank Nothaft, Freddie Mac, get a mortgage, home mortgage loans, Home Mortgages, Mortgage, Mortgage Loan, Mortgage Loans, Mortgage Rates, Mortgage Refinance, mortgage report, pmms report, Quicken Loans, Quicken Loans Blog, Quicken Loans Zing Blog, Refinance Home, Refinance Loans, Refinance Mortgage, weekly primary mortgage market survey, Zing Blog by Eric Mally on March 22, 2012 at 3:59 pm {no comments}

It was inevitable. There was no way we could keep sitting back and enjoying record-low mortgage rates week after week.

While a 15-week streak of rates below 4.00 percent for a 30-year fixed mortgage was very impressive and pretty much shocked the world, all good things have to end.

Let’s think about where we were 15 weeks ago: it was December 1, 2011, we still hadn’t celebrated the holidays yet, the New York Giants were a long shot to win the Super Bowl, I was still 24-years old, we were expecting a cold winter in Michigan, and Linsanity wasn’t even considered.

A lot has changed in 15 weeks.

I say we take a gander at the numbers according to the Weekly Primary Mortgage Market Survey from Freddie Mac.

30-year fixed-rate mortgages skyrocketed to 4.08 percent this week with 0.8 points, from last week’s 3.92 percent with 0.8 points. It marks the first time in 2012 that 30-year fixed rates averaged above 4.00 percent and snapped that aforementioned impressive streak. Last year at this time, the 30-year fixed-rate mortgage averaged 4.81 percent, so we’re still down significantly from where we were 12 months ago.

15-year fixed-rate mortgages also jumped pretty considerably from last week’s 3.16 percent with 0.8 points, to 3.30 percent with 0.8 points. At this time last year, 15-year fixed-rate mortgages averaged 4.04 percent.

5/1-year ARMs increased to 2.96 percent with 0.7 points from last week’s 2.83 percent with 0.8 points. 1-year ARMs also climbed slightly to 2.84 percent with 0.6 points from last week’s 2.79 percent with 0.6 points.

12 months ago, 5/1-year ARMs and 1-year ARMs averaged 3.62 percent and 3.21 percent, respectively.

So with mortgage rates taking jumps all across the board, our good friend Frank Nothaft, vice president and chief economist at Freddie Mac, surely had to be scratching his head, right?

He explained, “Mortgage rates are catching up with increases in U.S. Treasury bond yields placing the average 30-year fixed mortgage rate above 4 percent for the first time since the end of October 2011. Bond yields rose over the past two weeks in part due to an improving assessment of the state of the economy by the Federal Reserve, better than expected results of commercial bank stress tests, and the likelihood of a second bailout for Greece. Meanwhile, consumers continued to reduce their debt burdens in the fourth quarter of 2011. For instance, homeowners reduced their financial obligations ratio (debt payments as a share of disposable income) to the lowest point since the second quarter of 1994.”

It’s like Frank and I are on the same wavelength.

Regardless, like I had been saying before, you shouldn’t have waited for mortgage rates to jump before you refinanced or locked in. Now that they have increased, we don’t know if they will keep increasing, so get proactive and call us today!

15-Year Fixed-Rate Mortgages Fall to Record Lows

Filed under 15 year fixed rate, 15 Year Fixed Rate Mortgage, 15 Year Mortgage, 30 Year Fixed Rate, 30-Year Fixed Mortgage, Adjustable-Rate Mortgages, ARMs, Fixed-Rate Mortgages, Frank Nothaft, Freddie Mac, get a mortgage, home mortgage loans, Home Mortgages, Mortgage, Mortgage Loan, Mortgage Loans, Mortgage Rates, Mortgage Refinance, mortgage report, pmms report, Quicken Loans, Quicken Loans Blog, Quicken Loans Zing Blog, Refinance Home, Refinance Loans, Refinance Mortgage, weekly primary mortgage market survey, Zing Blog by Eric Mally on March 8, 2012 at 6:21 pm {no comments}

It’s very easy to get caught up in the numbers for the 30-year fixed-rate mortgage. This is generally the rate that most people pay attention to, but sometimes we forget about our buddy, the 15-year fixed-rate mortgage.

Consider this analogy (if you are a baseball fan, read on. If you could care less about baseball, skip to the next paragraph): 30-year fixed-rate mortgages are like the MVP-caliber performers, or the Justin Verlanders, of the world. People will always watch every single one of his outings to see how he will perform. On the other hand, 15-year fixed-rate mortgages are kind of like Max Scherzer – consistent, you know what you will get out of him, but sometimes takes the back seat to Verlander.

A tell-tale sign that I’m ready for baseball season is going out of my way to create an analogy comparing mortgage rates to my hometown team’s pitchers.

With that being said, let’s take a look at the numbers from this week’s Primary Mortgage Market Survey from Freddie Mac.

30-year fixed-rate mortgages dropped slightly this week to 3.88 percent with 0.8 points from last week’s 3.90 percent with 0.8 points. This keeps the hot-streak of 30-year fixed-rate mortgages averaging below 4.00 percent alive and strong at 14 weeks in row now. A year ago, 30-year fixed-rate mortgages averaged 4.88 percent.

15-year fixed-rate mortgages dropped to a RECORD SETTING 3.13 percent with 0.8 points from last week’s 3.17 percent with 0.8 points. This broke the previous record of 3.14 percent set on February 2, 2012. Last year, 15-year fixed-rate mortgages averaged 3.73 percent.

5/1-year ARMs also fell slightly to 2.81 percent with 0.7 points from last week’s 2.83 percent with 0.7 points. The runt of the bunch, the 1-year ARM, was the only rate that saw an increase, rising from last week’s 2.72 percent with 0.6 points to 2.73 percent.

Last year at this time, 5/1-year ARMs and 1-year ARMs averaged 3.73 percent and 3.21 percent, respectively.

Now, the moment you all have been waiting for, the weekly message from our good friend Frank Nothaft, vice president and chief economist for Freddie Mac.

Frank chimed in by saying, “With these historically low rates and declining house prices, the typical family had more than double the income needed to purchase a median-priced home in January…In fact, the Corelogic® National Home Price Index fell for the sixth consecutive month in January to the lowest level since January 2003. This high level of affordability likely contributed to the recent two-week rise ending March 2^nd in mortgage applications for home purchases.”

I was thinking the exact same thing, Frank.

Take advantage of record-low rates for 15-year fixed-rate mortgages by locking in today. Not only will you get an unprecedented rate, you could save on interest compared to a 30-year fixed-rate mortgage. Check out our 15-year fixed-rate mortgage page for more information!

Mortgage Rates Drop to Near Record Lows Again

Filed under 15 year fixed rate, 15 Year Fixed Rate Mortgage, 15 Year Mortgage, 30 Year Fixed Rate, 30-Year Fixed Mortgage, Adjustable-Rate Mortgages, ARMs, Fixed-Rate Mortgages, Frank Nothaft, Freddie Mac, Mortgage, Mortgage Rates, mortgage report, pmms report, Quicken Loans, Quicken Loans Blog, Quicken Loans Zing Blog, weekly primary mortgage market survey, Zing Blog by Eric Mally on March 1, 2012 at 4:56 pm {no comments}

Just like back toward the end of January when mortgage rates took an inexplicable jump and then a decent-sized drop – history repeated itself again this week.

One thing that I’m realizing is that every week when Freddie Mac releases its Primary Mortgage Market Survey, my mind instantly goes to all of the coaching clichés that I have picked up over the years.

I mean, seriously, “history repeating itself?” At least I didn’t use the famous Yogi Berra quote, “It’s like déjà vu all over again.”

Anyway, let’s take a look at this week’s numbers.

30-year fixed mortgage rates dropped from last week’s 3.95 percent with 0.8 points to 3.90 percent with 0.8 points. This marks the 13^th consecutive week that 30-year fixed mortgage rates averaged less than 4.00 percent. Last year at this time, 30-year fixed mortgage rates averaged 4.87 percent.

15-year fixed mortgage rates also took a dip over the course of the week, falling to 3.17 percent with 0.8 points from last week’s 3.19 percent with 0.8 points.

Anytime there’s a drop in rates, you have to be happy with it regardless of how small of a drop it was. 12 months ago, 15-year fixed mortgage rates came in at 4.15percent.

5/1-year ARMs were the black sheep of the bunch, being the only rates that saw a jump. Last week, 5/1-year ARMs averaged 2.80 percent with 0.7 points, but jumped to 2.83 percent with 0.7 points this week. A year ago, 5/1-year ARMs averaged 3.72 percent.

1-year ARMs fell slightly to 2.72 percent with 0.6 points from last week’s 2.73 percent with 0.6 points. Last year at this time, 1-year ARMs averaged 3.23 percent.

Of course, my main man Frank Nothaft, vice president and chief economist from Freddie Mac, pitched his two cents into the pot.

He explained, “Fixed mortgage rates bottomed out in January and February of this year, which is helping spur the housing market. For instance, pending existing home sales rose in January to its strongest pace since April 2010 and sales figures for December saw upward revisions. In addition, the Federal Reserve noted in its February 29^th regional economic review that residential real estate activity increased modestly in most of its Districts over the course of January and early February, with several reports of increased home sales.”

Frank – you took the words right out of my mouth.

Do you know what you should do right now? Finally take my advice and refinance or lock in to a super low mortgage rate. Now. Right now. Stop waiting. Seriously. Stop reading. Go lock in!

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