30 Fixed Jumbo Mortgage RatesFixed jumbo mortgage rates 30
Refinancing mortgage requests reached 18-year low
Featuring no big move in interest rates and continuing frailty in the affordability of home ownership, there was not much incentive for home buyers to make a move last weekend, and there was even less for home-owners looking to be saving money off their mortgages. Even though there was no big move in interest rates, and continuing frailty in the affordability of home ownership, there was not much stimulus for home buyers to make a move last weekend, and there was even less for home-owners looking to be saving money off their mortgages. 1. According to the seasonal index of the Mortgage Bankers Association, the overall number of applications last weekend was 0.1 per cent lower than in the preceding fortnight.
Volumes were 22 per cent lower than in the previous year. Mean contractual interest rates for 30-year fixed mortgage with compliant credit balance (USD 453,100 or less) declined to 5.16 per cent from 5.17 per cent, with points down from 0.55 (including setup fee) to 0.48 points for 20 per cent advance lending.
At interest rates that are still at their highest levels for eight years, mortgage refinancing requests for home loans continue their downwards trend, dropping by 5 per cent for the weekly period to their December 2000 low. The refinancing volumes were 40 per cent lower than in the prior year. Refinancing of mortgage activities fell from 39.4 per cent in the preceding weeks to 38.5 per cent of overall mortgage-applicants.
"Treasuries fell last weekend as stock market volatility remained volatile amid investors' concern about worldwide economy growth," said Joel Kan, MBA economics graduate. "Consequently, the mortgage rates pulled back across most credit lines, includingthe 15-year fixed-rate mortgage, the 5/1 ARM and the 30-year Jumbo mortgage attrition. Likewise, the 30-year fixed-rate mortgage fell and stopped a series of six consecutive rises a week."
Mortgages to buy a home rose 3 per cent from a previous weekend, but were 5 per cent lower than the same weekend a year ago. Increasing interest rates in combination with still increasing house prices have brought affordable prices to their lows for a decade. 4. The start of single-family house construction and the mood among home builders eased considerably, and mortgage requests for the acquisition of a new house also declined.