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Today's Mortgage News Brought To You By Peak Home Loans
Mortgage Refinance & Home Purchase Rates Moving Still Moving Sideways
Home loan rates and mortgage refinance rates are oscillating around 4.00% recently. An unimpressive US economy, global economic troubles, muted inflation, coupled with the Fed's announcement that Quantitative Easing (QE3) is ending, are the principle factors moving rates horizontally. During these times of uncertainty, investors seek safe investments such as the 10-year US Treasury bond. Mortgage rates generally follow these bonds. Treasuries are not moving much week-to-week; mortgage rates are not either. These recent events put today's average 30-year fixed-rate conventional loan at 3.99%, down 2 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 November 20th, 2014:
- Thirty-year, fixed-rate-mortgages (FRM's) averaged 3.99% with 0.5 points this week. That's down 2 basis points from a week ago when they were 4.01%. At this time one year ago, the thirty-year FRM was approximately 4.22%.
- Fifteen-year, fixed-rate-mortgage (FRM's) averaged 3.17% with 0.5 points for the week. That is down 3 basis points from a week ago when they were 3.20%. At this time last year, the fifteen-year FRM was hovering around 3.27%.
- Five-year, Hybrid Treasury Indexed adjustable-rate-mortgages (ARM's) averaged 3.01% with 0.5 points this week. That is down 1 basis point from the same time a week ago when they were 3.02%. At this time, one year ago, the five-year ARM was approximately 2.95%.
- One-year, Treasury Indexed adjustable-rate-mortgages (ARM's) averaged 2.44% with 0.4 points for the week. This is up 1 basis point from a week ago when they were 2.43%. At this time last year, the one-year ARM was hovering around 2.61%.
Home Mortgage Interest Rate Trend Prediction For The Upcoming Week:
According to a survey of our home loan experts, for the upcoming week, November 20th 2014 to November 26th 2014, 36 percent believe home loan and refinance mortgage rates will rise over the next week, 14 percent think mortgage and refinance rates will fall, and 50 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 fell 2 basis points to 3.99%, relatively unchanged, and 68 percent picked correctly. As you can see, mortgage experts believe rates might rise slightly this coming week, you may want to act accordingly.
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