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Today's Mortgage News Brought To You By Peak Home Loans
Friday, March 27, 2015 (updated daily)
Mortgage Refinance & Home Purchase Rates Stay Low Due To Fed Guidance
Home purchase loans and mortgage refinancing rates continue to be well below 4%. The main factor leading to these low rates is the Fed's seeming inclination to not begin raising the Federal Funds rate. Additional factors are investors' concerns about global instability, namely Europe and falling oil prices. Whenever investors get anxious, they tend to place their money in U.S. Treasury notes and mortgage bonds, pushing the yields on those investments down. Mortgage rates follow those yields. The 10-year Treasury note this week is just slightly above 2 percent and low mortgage rates tend to follow improvement in T-bill rates.
This is a good opportunity for homeowners who think they can reduce their interest rate and you can recoup the cost of refinancing in the next year or so to look into refinancing. Or, if you have the money for a down payment on a new home, now is the time to buy and lock in your rate. If you missed the low rates of 2013, now may be your chance to lock in a low rate for the next 30 years. These low rates are probably not going to last long though.
These recent events put today's average 30-year fixed-rate conventional loan at 3.90%, down 6 basis points from last week. It may be wise 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 in the future.
For The Week Ending Friday, March 27, 2015:
- Thirty-year fixed-rate-mortgages (FRM's) averaged 3.90% with 0.30 discount and origination points. That's down 6 basis point from a week ago. At this time one month ago, the thirty-year FRM was approximately 3.80%, three months ago 3.96%. Today, your average payment on a $100k mortgage would be $471.67 per month, plus taxes and insurance.
- Fifteen-year fixed-rate-mortgages (FRM's) are 3.15% for the week. That is down 6 basis point from a week ago. Your monthly payment on a $100k refinance or new mortgage over 15 years would be $697.82, not including insurance and taxes.
- Five-year adjustable-rate-mortgages (ARM's) averaged 3.22%. That is down 9 basis points from the same time a week ago when they were 3.20%. For example, your monthly payment on a $100,000.00 new home loan or mortgage refinance over the first 5 years would be $433.56 principal and interest only, homeowners insurance and property taxes will be added.
Home Mortgage Interest Rate Trend Prediction For The Upcoming Week:
According to a survey of our home loan experts, for the upcoming week, Friday, March 27, 2015 to Thursday, April 02, 2015, 8 percent believe home loan and refinance mortgage rates will rise over the next week, 67 percent think mortgage and refinance rates will fall, and 25 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 down only 1 basis point, relatively unchanged at 3.80%, and 54 percent picked correctly. As you can see, mortgage experts believe rates might fall this coming week, you may want to act accordingly.
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