Currently viewing the tag: "mortgage rates"
According to the Weekly Primary Mortgage Market Survey from Freddie Mac, the average rates over the last week for a 30 year fixed mortgage is 4.40%. This is just a tick higher than the previous week and the highest they have been since the end of July, beginning of August 2010. Although the rate differences are slim, prospective buyers need to be aware that as rates rise, they will affect your buying power.
PENCIL PUSHING: Do the math for yourself: 6% is a pretty normal rate in a normal economy. Just how good are rates now? On a $200,000 loan, the difference in 4.25% and 6% is $213 per month! The 6% rate produces a payment of $1,193 vs. a $980 payment at 4.25%, a difference of 17.85%!
Mortgage rates fell this week to the lowest level on record, giving consumers added incentive to lock in low payments on home purchases and refinancings.
Mortgage company Freddie Mac said today that the average rate for 30-year fixed loans sank to 4.69 percent, from 4.75 percent last week.
I told this woman (we’ll call her Elna) that she could possibly qualify for a low fixed mortgage interest rate of 4.75%, and receive up to $15,000.00 in down payment and closing cost assistance using Dakota County Bond
RATES AND THE MARKET – Volatility and upward movement seem to be the name of the game right now. Yes, we’ve seen rates move up from those great levels we got accustomed to for so long. The Fed did what they set out to do – purchasing $1.25 trillion in mortgaged-backed securities, and succeeding in their plan to lower home loan rates and help stabilize the housing sector.
What happened last week to rates? Wow! It was a crazy volatile week with some major upward movement on Wednesday/Thursday. Mortgaged-backed securities simply fell apart. We’ve known to plan for the worst (3/31 marks the date the government ceases participation in buying MBS) and hope for the best; knew this was coming, and it did. Thank goodness things have backed off slightly from last week’s highs (but we can’t become complacent in the least)
Watch this video for information on the upcoming First Time Home Buyer Class
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