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Today's Mortgage News Brought To You By Peak Home Loans
Mortgage Refinance & Home Purchase Interest Rates Fall To 2014 Lows
Home mortgage rates and mortgage refinance rates have fallen every day for the past week. We can thank Europe for keeping our mortgage rates down. The European Central Bank (ECB) appears to be lowering returns on their bonds to fight low growth and inflation. This makes US bonds more desirable. As demand for US bonds (and mortgage bonds) increase, interest rates decrease, and vice-versa. These recent events put today's average 30-year fixed-rate conventional loan at 4.10%, unchanged from last week. Mortgage rates in general had been moving sideways in a narrow range, but an upward trend seems to be in the future. This could potentially be bad news for those that intend to purchase a home or do a mortgage refinance soon. Therefore, it may be prudent to refinance your mortgage, or buy a home now before rates continue to reverse and move higher, causing your monthly payments to rise.
For The Week Ending August 28th, 2014:
- Thirty-year, fixed-rate-mortgages (FRM's) averaged 4.10% with 0.5 points this week. That's unchanged from a week ago when they were 4.10%. At this time one year ago, the thirty-year FRM was approximately 4.51%.
- Fifteen-year, fixed-rate-mortgage (FRM's) averaged 3.25% with 0.6 points for the week. That is up 2 basis points from a week ago when they were 3.23%. At this time last year, the fifteen-year FRM was hovering around 354%.
- Five-year, Hybrid Treasury Indexed adjustable-rate-mortgages (ARM's) averaged 2.97% with 0.5 points this week. That is up 2 basis points from the same time a week ago when they were 2.95%. At this time, one year ago, the five-year ARM was approximately 3.24%.
- One-year, Treasury Indexed adjustable-rate-mortgages (ARM's) averaged 2.39% with 0.5 points for the week. This is up 1 basis point from a week ago when they were 2.38%. 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, August 28th 2014 to September 3rd 2014, 20 percent believe home loan and refinance mortgage rates will rise over the next week, 20 percent think mortgage and refinance rates will fall, and 60 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 were relatively unchanged, at 4.10%, and 75 percent picked correctly. As you can see, mortgage experts believe rates will remain unchanged again, you may want to act accordingly. Please click interest rate lock to learn more about locking in your rate.
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