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Today's Mortgage News Brought To You By Peak Home Loans
Mortgage Refinance & Home Purchase Rates Drop Below 4%
Home loan rates and mortgage refinance rates are falling dramatically following a major Wall Street sell-off. Falling stock prices triggered investors into moving their money from stocks to bonds. Bond prices rise, interest rates drop, mortgage rates follow. We believe rates will likely continue to stay low in the US thanks mainly to the poor European economy. This makes US bonds more desirable, demand for US bonds (and mortgage bonds) increase, and as we said, interest rates decrease. These recent events put today's average 30-year fixed-rate conventional loan at 3.97%, down a robust 15 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 16th, 2014:
- Thirty-year, fixed-rate-mortgages (FRM's) averaged 3.97% with 0.5 points this week. That's down 15 basis points from a week ago when they were 4.12%. At this time one year ago, the thirty-year FRM was approximately 4.28%.
- Fifteen-year, fixed-rate-mortgage (FRM's) averaged 3.18% with 0.5 points for the week. That is down 12 basis points from a week ago when they were 3.30%. At this time last year, the fifteen-year FRM was hovering around 3.33%.
- Five-year, Hybrid Treasury Indexed adjustable-rate-mortgages (ARM's) averaged 2.92% with 0.5 points this week. That is down 14 basis points from the same time a week ago when they were 3.07%. At this time, one year ago, the five-year ARM was approximately 3.05%.
- One-year, Treasury Indexed adjustable-rate-mortgages (ARM's) averaged 2.38% with 0.4 points for the week. This is down 4 basis points from a week ago when they were 2.42%. At this time last year, the one-year ARM was hovering around 2.63%.
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 16th 2014 to October 22nd 2014, only 15 percent believe home loan and refinance mortgage rates will rise over the next week, 70 percent think mortgage and refinance rates will fall, and 15 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 15 basis point to 3.97%, and 65 percent picked correctly. As you can see, mortgage experts believe rates might fall again this coming week, you may want to act accordingly.
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