Home loan interest rates history

Contr Rate Oct 13

Interest Rates on New Home Loans Remain Stubborn

Earlier today, the Federal Housing Finance Agency (FHFA) reported a 4 basis point decline in mortgage interest rates for the month of October. However, the decline was driven entirely by loans on existing homes. The average contract interest rate on conventional mortgages for new homes stubbornly refused to follow suit, moving instead in the opposite direction from 4.30 to 4.32 percent. Although this technically continues the upward trend of the previous four months, October’s 2 basis point change is small and represents a substantial leveling off from the June-September increases that averaged 22 basis points a month.Initial fees have the potential to offset a small increase in the contract interest rate, but the initial fees on mortgages for new homes also increased in October, from 1.14 to 1.30 percent. This is the fourth time fees on new home loans have hit 1.30 percent (or higher) since October of last year (following an extended period when they remained below 1.30 every month from the start of 1997 through September of 2012).Price Oct 13 ome loans (which amortizes initial fees over the estimated life of the loan) increased by 3 basis points to 4.47 percent, the highest it’s been since July of 2011.Also in October, the average size of conventional loans used to purchase new homes—as well as the price of the new homes purchased with the loans—reversed the previous month’s declines. The average loan size increased 2.6 percent to $302, 500, while the average home price increased 3.4 percent to $401, 800. This marks only the third time in its history that the average price of new homes purchased with conventional loans has been above $400, 000.The result of the price and loan size changes is an average loan-to-price ratio that declined for the second month in a row, from 77.5 to 77.1 percent, the lowest it’s been since March.

The above information is based on FHFA’s Monthly Interest Rate Survey (MIRS) of loans closed during the last five working days in October. For other details about the survey, see the technical note at the end of FHFA’s November 26 news release.

Init Fees Oct 13 Contr Rate Oct 13 Init Fees Oct 13 Price Oct 13
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Re: Craigslist Post - HELOC vs Fixed Rate Loan

2007-02-15 18:47:28 by 14finance_assist

Hello,
I hope to answer some of the questions you have in regards to taking your home equity loan and getting a fixed rate and fixed payment.
First and foremost, I'm glad to see you have a clear idea of what your goals are for a new loan, and that you are thinking now, of your retirement. Too many people don't pay themself first. Which leads to a later retirement, and may leave you with little retirement savings. So, good job.
As I'm sure you are aware, there are many factors that will determine, what type of programs you will qualify for when it comes to refinancing


Why are you waiting to buy a home?

2008-01-02 18:49:35 by cecornette

Are you waiting to buy so you can build up your funds for a down payment?
You might want to go ahead and see if you can get a loan anyway - interest rates are still some of the lowest we've had in 40 years and real estate prices are a bit deflated right now.
If you're looking to wait and build your down payment, then you wouldn't want to put your money at too great an amount of risk if you're talking about a few years. Based on stock/bond market history a 3-5 year window would be considered short-term (an average market cycle, including a full Bull market when things are up and a full Bear market when things are down lasts approx


Mortgage Rates info

2004-04-08 08:38:54 by 1Mortgages

Great article (03/27 Mon.gazette) on why to use a mortgage broker. Give me a call. My rates are better than the one's in this article.
_________________________
How low can lenders go?
Mortgage mania breaks out as deals abound. Shopping around can really pay off for borrowers as hungry financial institutions vie for market share
It's a dogfight these days on the mortgage front and your home loan is the prize. Every financial institution appears to have some sort of promotion going to win over new clients.
Some will give you a cash rebate. Some will pay your penalty to get out of an existing mortgage


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