Mortgage Rates last yearLast year mortgage rates
Mortgages rates rose for the 12 July weekend and marked the first rise in borrowing costs for a home since June. Freddie Mac said the interest on a 30-year fixed-rate mortgage was 4.53%, 0.01% more than a year ago and 0.50% more than a year ago.
A 15-year fixed-rate mortgage interest was 4.02%, an increase of 0.03% week-on-week and 0.73% year-on-year. Mortgage rates for a 5/1 year floating mortgage were 3.86%, an increase of 0.12% over last weeks and 0.58% over a year. "10-year Treasury yields remain within the same tight band as higher international trading pressures encourage investor caution.
This in turn has kept debt capital cost at Bay, which is certainly welcome news for those looking to buy a home before the end of the summer," Freddie Mac wrote amid a disclosure that announces mortgage rates for the week ending July 12. "Last months a whopping number of individuals resigned their jobs, most likely for a new occasion with higher salaries and better performance," Freddie Mac commented.
"Together with these lower mortgage rates, this favourable development should give some previously cheap future home buyers increasing amounts of capital to get back on the housing market." In June, the Ministry of Labour announced that the business sector had created 213,000 workplaces despite tight economic conditions and labour mismatches. After an 18-year low of 3.8% in May, the jobless figure is 4%.
Mortgage rates either declined or remained stable throughout June. It was good news for the property markets, which were afraid that the increasing costs of home loan financing would have a major influence on house selling. One thing that can damage the mortgage interest rates more than the mortgage rate is a lack of accessible property as house prices rise.
Tenders are invited in the glowing areas of the property markets. This excludes some first-time home purchasers who are very price-sensitive from the mart. As mortgage rates fell for June and into the first weeks of July, mortgage application rates began to rise again.
The Mortgage Bankers Association (MBA) reported a 2.5% increase in mortgage requests in the July 6th period versus the year before. The index declined 18% on an adjusted base versus the year before. Refinancing index declined by 4% y-o-y and is now at its low since December 2000.
Year-on-year, the seasonal purchasing index rose 7%, while on an underlying base it fell 15%, compared to the year before. Refinancing and variable interest mortgage claim activities both fell, with the refinancing portion of mortgage business reaching its low since August 2008. Mortgage at variable rates (ARM) accounted for 6.3% of overall mortgage requests, the MBA said.