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Today's Mortgage News Brought To You By Peak Home Loans
Mortgage Refinance & Home Purchase Rates On The Rise As Quantitative Easing Ending
Home loan rates and mortgage refinance rates were falling, but made a dramatic turnaround following the Fed's announcement that Quantitative Easing (QE3) is ending. QE3 is a program where the Federal government would buy up to $80 billion per month in US Treasuries and mortgage-backed securities (MBS). This program lowered bond and mortgage rates to historic lows. Naturally, investors moved their money out of bonds and MBS's into the stock market (thus the rise in the DOW). Mortgage rates are now free to rise according to the economy and not artificially kept low. These recent events put today's average 30-year fixed-rate conventional loan at 3.98%, up 6 basis points from last week. It may be prudent to lock in your rate now (rather than floating) and refinance your mortgage, or buy a new home now, thus avoiding any rate increase that would cause your monthly payments to go up.
For The Week Ending October 30th, 2014:
- Thirty-year, fixed-rate-mortgages (FRM's) averaged 3.98% with 0.5 points this week. That's up 6 basis points from a week ago when they were 3.92%. At this time one year ago, the thirty-year FRM was approximately 4.10%.
- Fifteen-year, fixed-rate-mortgage (FRM's) averaged 3.13% with 0.5 points for the week. That is up 5 basis points from a week ago when they were 3.08%. At this time last year, the fifteen-year FRM was hovering around 3.20%.
- Five-year, Hybrid Treasury Indexed adjustable-rate-mortgages (ARM's) averaged 2.94% with 0.5 points this week. That is up 2 basis points from the same time a week ago when they were 2.96%. At this time, one year ago, the five-year ARM was approximately 2.76%.
- One-year, Treasury Indexed adjustable-rate-mortgages (ARM's) averaged 2.43% with 0.4 points for the week. This is up 2 basis points from a week ago when they were 2.41%. At this time last year, the one-year ARM was hovering around 2.64%.
Home Mortgage Interest Rate Trend Prediction For The Upcoming Week:
According to a survey of home loan experts at bankrate.com for the upcoming week, October 30th 2014 to November 5th 2014, 45 percent believe home loan and refinance mortgage rates will rise over the next week, 7 percent think mortgage and refinance rates will fall, and 48 percent believe mortgage rates will remain relatively unchanged (+/- 2 basis points). Survey results are provided weekly. Please come back often to see how accurate the experts fared. Last week, interest rates rose 6 basis point to 3.98%, and 65 percent picked correctly. As you can see, mortgage experts believe rates might continue to rise this coming week, you may want to act accordingly.
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