Looking at the average mortgage rates reported for the week of 8-9-2014 by Freddie, the MBA and Bankrate…
Freddie Mac Reported:
- 30 year fixed rate mortgages averaged 4.14% with an average 0.7 point
- This is up from last week when it averaged 4.12%
- Last year at this time, 30 year fixed rate mortgages averaged 4.40%
- 15 year fixed rate mortgages averaged 3.27% with an average 0.6 point
- This is up from last week when it averaged 3.23%
- Last year at this time, 15 year fixed rate mortgages averaged 3.43%
Check out the mortgage rate chart from Freddie Mac:
The 30-year fixed-rate mortgage rose 1 basis point to 4.29%
The 15-year fixed-rate mortgage was unchanged at 3.4%
The average rate for a 30-year jumbo mortgage was unchanged at 4.39%
The Mortgage Bankers Association Reported:
The average contract interest rate for 30 year fixed rate mortgages with conforming loan balances ($417,000 or less) increased to 4.35% from 4.33%, with points decreasing to 0.22 from 0.24 (including the origination fee) for 80% loan-to-value ratio (LTV) loans.
The average contract interest rate for 30 year fixed rate mortgages with jumbo loan balances (greater than $417,000) increased to 4.26% from 4.22%, with points increasing to 0.35 from 0.23 (including the origination fee) for 80% loan-to-value ratio (LTV) loans.
The average contract interest rate for 15 year fixed rate mortgages increased to 3.51% from 3.47%, with points increasing to 0.28 from 0.25 (including the origination fee) for 80% loan-to-value ratio (LTV) loans.
The Take Away:
Despite news that would normally cause mortgage rates to change, it appears we are in a holding pattern.
Or maybe even moving backwards since the MBA reported their unadjusted Purchase Index is 14% lower than the same week one year ago.
Are YOU in a holding pattern when it comes to buying a home?
I talked last week about how great rates are now compared to the past. In case you missed it, look at 30 year mortgage rates from the past according to Freddie Mac:
Mortgage rates change not just daily, but almost every hour. And these are the average rates and may not reflect what is possible for every home buyer.
There is NO doubt that we are still seeing a great opportunity because of the low rates.
Yet home prices are still rising.
Maybe not at the break neck speed they have been but they are still rising.
Every day that a home buyer pussy foots around, it could cost them more to buy a home.
If YOU have decided that it is the right time to buy a home, then why not contact a lender and discuss what is possible for you?
Getting a Pre-Approval Letter and finding out how much you need for closing costs and down payment is one of the very first steps you take when buying a home. Determining your best mortgage option and setting your max price should come BEFORE you start looking at homes…
As always, I am providing this to you for informational purposes only! I am not a mortgage lender and you should contact the lender of your choice directly to learn more about its mortgage products and your eligibility for such products.