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Mortgage Rates Recede to Near-Record Lows

by Ashlie DuCros

Fixed-rate mortgages dropped this week, basically erasing last week’s spike. Thirty-year rates dipped below 3.5, its summertime average, offering even lower borrowing costs to would-be home buyers and refinancers.

"Mortgage rates continue to be relatively stable and at near record lows,” says Sean Becketti, Freddie Mac’s chief economist. “The 30-year fixed-rate mortgage fell 5 basis points week-over-week to 3.47 percent, erasing last week's increase. At the same time, the 10-year Treasury yield ended the week relatively flat -- up about 2 basis points."

Freddie Mac reports the following national averages with mortgage rates for the week ending Oct. 27:

  • 30-year fixed-rate mortgages: averaged 3.47 percent, with an average 0.6 point, dropping 5 basis points from 3.52 percent last week. Last year at this time, 30-year rates averaged 3.76 percent.

  • 15-year fixed-rate mortgages: averaged 2.78 percent, with an average 0.5 point, dropping slightly from last week’s 2.79 percent average. A year ago, 15-year rates averaged 2.98 percent.

  • 5-year hybrid adjustable-rate mortgages: averaged 2.84 percent, with an average 0.4 point, falling from last week’s 2.85 percent average. A year ago, 5-year ARMs averaged 2.89 percent.

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Even a small increase in interest rates can impact your family’s wealth. Call me to evaluate your ability to purchase your dream home.​

 

Source: Freddie Mac

Mortage applications drop as rates edge higher...

by Ashlie DuCros

Mortgage Applications Drop as Rates Edge Higher

For the second consecutive week, mortgage applications fell as higher interest rates continued to put the squeeze on refinancing activity, the Mortgage Bankers Association reported Wednesday. 

The MBA’s index on mortgage application activity, which includes both refinancing and home purchases, dropped 4.6 percent for the week ending Aug. 16. 

The refinance index was attributed to that drop, falling 7.7 percent last week from the previous week -- its largest weekly drop since late June. The refinance index has fallen 62.1 percent since reaching its peak during the week ending May 3. 

Applications dropped as mortgage rates rose 12 basis points to 4.68 percent last week. That matches the year’s high for 30-year mortgage rates, which was first hit in July, according to the MBA. Mortgage rates continue to rise as concerns mount over the Fed tapering its bond-buying program, which had been keeping mortgage rates near its historical lows in recent months. 

However, mortgage rates still remain low by historical standards and are still attracting home buyers. The MBA’s index showed that loan demand for home purchases, viewed as a gauge for future home sales, rose 1.2 percent last week. That climb comes after a 5.4 percent drop the previous week, the MBA reports. 

Source: “U.S. Mortgage Applications Fall as Rates Push Higher,” Reuters (Aug. 21, 2013

Cost of a Home: Impact of Interest Rates

by Ashlie DuCros

 

by The KCM Crew on October 2, 2012

The buyer should always look at the COST of a home, not just the PRICE. The cost is determined by the price and the mortgage interest rate which is available at the time. Below is a list of the interest rates over the last ten years and the impact they have on a $100,000 mortgage payment.

For more information, please contact Ashlie DuCros at 714-743-9778, or go to www.AshlieDuCros.com

 

Mortgage Rates: The Record That Keeps on Breaking

by Ashlie DuCros

Mortgage Rates: The Record That Keeps on Breaking

The streak continues with average 30-year and 15-year fixed-rate mortgages taking yet another dip into record territory this week, according to Freddie Mac’s weekly mortgage market survey.

"With little signs of inflation and the Federal Reserve's ‘Operation Twist’ keeping U.S. Treasury bond yields in check, fixed mortgage rates are remaining low and helping to stir the housing market,” says Frank Nothaft, Freddie Mac’s chief economist.

According to Freddie Mac, fixed mortgage rates will likely remain at — or near — their all-time lows in the near future. The low rates will fuel “housing demand with a continued pick-up in housing starts, home sales, and even house prices in many markets,” according to Freddie Mac’s July U.S. Economic and Housing Market Outlook.

Here’s a closer look at mortgage rates for the week ending July 19:

  • 30-year fixed-rate mortgages: averaged a new record low of 3.53 percent this week, with an average 0.7 point, dropping from last week’s previous record low of 3.56 percent. The 30-year fixed-rate mortgage has averaged below 4 percent for every week this year except for one. A year ago at this time, 30-year rates averaged 4.52 percent.
  • 15-year fixed-rate mortgages: averaged a new record low of 2.83 percent this week, with an average 0.6 point, down from last week’s previous all-time low of 2.86 percent. For eight consecutive weeks, 15-year mortgages have been below 3 percent. Last year at this time, 15-year mortgages averaged 3.66 percent.
  • 5-year adjustable-rate mortgages: averaged a new record as well this week at 2.69 percent, with an average 0.6 point, dropping from last week’s 2.74 percent average. Last year at this time, 5-year ARMs averaged 3.27 percent.
  • 1-year ARMs: averaged 2.69 percent, with an average 0.4 point, holding steady from last week’s average. A year ago, 1-year ARMs averaged 2.97 percent.

Source: Freddie Mac

**Take advantage of these low rates now! Go to www.HotOCbuys.com to find your Home today!!**

 

Displaying blog entries 1-4 of 4

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Ashlie DuCros & Associates
Coldwell Banker Previews Global Luxury
21580 Yorba Linda Blvd.
Yorba Linda CA 92887
714-743-9778
Fax: 714-849-5489