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Today's Mortgage News Brought To You By Peak Home Loans
Saturday, February 06, 2016 (updated daily)

Mortgage Refinance & Home Purchase Rates Unchanged - Is Next Week Unpredictable?

     Mortgage rates remained flat this week in spite of global market concerns re-surfacing and government bond yields moving down.  The housing market's recovery is slowing as far as sales go, but home prices are moving slightly higher.  Latest reports show sales of existing homes fell from a seasonally-adjusted annual rate of 5.55 million in September to 5.36 million in October, a 3.4% decrease.  Average US home prices remained at $231k on a seasonally-adjusted basis from September to October.  US Treasury rates fell this week from 2.26% to 2.22%.  And as we know, mortgage rates fall when Treasury bond rates fall.

     Mortgage applications fell 3.2% this week compared with the last week, according to the Mortgage Bankers Association's (MBA).  Home purchases were down 1.0% and refinance mortgages fell by 5.0%.  It's normal to see an increase in home purchases and mortgage refinancing this time of the year due to the lower home mortgage rates; but as we can see, this is not the case.  And these low rates may not be around for long, volatility is always just around the corner.  Recent events put today's average 30-year fixed-rate conventional loan at 3.95%, down 2 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 Saturday, February 06, 2016:

  • Thirty-year fixed-rate-mortgages (FRM's) averaged 3.95% with 0.7 discount and origination points.  That's down 2 basis points from a week ago.  At this time one week ago, the thirty-year FRM was approximately 3.97%, one year ago 3.97.  Today, your average payment on a $100k mortgage would be $474.90 per month, plus taxes and insurance.
  • Fifteen-year fixed-rate-mortgages (FRM's) are 3.18% for the week.  That's the same as a week ago, a year ago the rate was 3.18%.  Your monthly payment on a $100k refinance or new mortgage over 15 years would be $699.47, not including insurance and taxes.
  • Five-year adjustable-rate-mortgages (ARM's) averaged 3.01%.  That is up 3 basis points from a week ago when they were 2.98%, a year ago 3.01%.  For example, your monthly payment on a $100,000.00 new home loan or mortgage refinance over the first 5 years would be $422.34 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, Saturday, February 06, 2016 to Friday, February 12, 2016, 13 percent believe home loan and refinance mortgage rates will rise over the next week, 28 percent think mortgage and refinance rates will fall, and 59 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 2 basis point (relatively unchanged) and 62 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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