Government-run home loan insurer Freddie Mac reported Thursday that mortgage rates were unchanged this week, with the average 30-year rate hovering at 3.53 percent and the average rate for a 15-year loan holding steady at 2.77 percent. Both rates are near record lows as the 30-year reached its lowest level on records dating back to 1971 last November and the 15-year hitting its lowest point of 2.63 percent last year, as well. The average rates for adjustable-rate mortgages rose this week, however, as the 5-year ARM averaged 2.64 percent, up from 2.63 percent a week ago, and the 1-year ARM averaged 2.61 percent, up from 2.53 percent last week.
Mortgage insurers Freddie Mac and Fannie Mae announced on Monday they would halt foreclosure proceedings through the holidays to avoid evicting delinquent borrowers during the Christmas season. Fannie will begin a moratorium on home seizures on December 19th while Freddie will stop foreclosure actions on December 17th, and both said their moratoriums on foreclosures would end on January 2nd. The break will allow families to keep a roof over their heads during the holidays, but foreclosure proceedings will pick up where they left off after January 2nd.
US mortgage insurer Freddie Mac reported Thursday that interest rates for home loans reached new record-lows again this week, with both the 30-year and 15-year averages slipping below their lowest averages on record, both set just last week. Ultra-low interest rates have driven a small surge in home sales this year, allowing prices in many markets to begin climbing back up after steadily declining since the housing collapse in 2007. Ironically, a housing recovery appears to be finally taking hold even as concerns mount for the overall economy.
US mortgage insurer Freddie Mac reported Thursday that mortgage rates set record lows again this week, with the 30-year average setting a new all-time low for the 12th out of the last 13 weeks. The affordable conditions created in part by ultra-low mortgage rates finally appear to be making an impact on the housing market, as sales have edged up in recent months, builders are beginning to start work on more projects, and prices seem to have bottomed out in a number of markets around the country.
According to Freddie's weekly survey, the average rate for a 30-year, fixed loan fell to 3.53 percent this week from 3.56 percent a year ago. That's the lowest rate on record since Freddie began tracking the loan type in the 1950s. Over the past year, the 30-year mortgage rate has fallen nearly a full percentage point, having averaged 4.52-percent in the same week in 2011. The average for a 15-year fixed loan, meanwhile, fell from 2.86 percent a week ago to 2.83 percent, some eight tenths of a percentage point below the average of 3.66 percent at this time a year ago.
To compile its weekly survey on mortgage rates, Freddie Mac contacts thousands of lenders across the country between Monday and Wednesday of a given week, then compiles the numbers into averages which it reports on Monday. According to a spokesman for the mortgage giant, Freddie's survey covers more than 75 percent of all US home loans.
Mortgage insurer Freddie Mac reported Thursday that US mortgage rates reached record lows again this week, marking the tenth time in eleven weeks a new record has been set for the 30 year, adjustable rate mortgage. According to Freddie's report, the average for the 30 year fell from 3.66 percent a week ago to 3.62 percent, while the average rate for the 15 year adjustable rate mortgage, commonly used for refinance loans, fell from 2.94 percent a week ago to a new all-time low of 2.89 percent. Both mortgage types have dropped nearly a full percentage point from a year ago, when the 30-year averaged 4.6 percent and the 15-year averaged 3.75 percent.
US mortgage insurer Freddie Mac reported Thursday that home buying became even more affordable this week as the average rate for a 30-year, fixed rate home loan fell to a record-low for the fourth week in a row. According to the report, the average fell to 3.78 percent, from 3.79 percent a week ago, the lowest since Freddie began tracking the rates in 1971. The average for a 15 year fixed loan, meanwhile, was unchanged this week, staying at 3.4 percent, an all-time low for the popular refinance option set just last week.
US mortgage insurer Freddie Mac reported Thursday that mortgage rates set new all-time low averages this week, extending records that date back decades for the second straight week. Both the 15 and 30 year mortgages hit new record lows, Freddie's weekly survey showed, and both are now nearly a full percentage lower on a year-over-year basis.
US Mortgage insurer Fannie Mae issued its first-quarter results Wednesday, posting its highest profit since before the housing crisis, and said it would not need any more taxpayer assistance to continue to operate. The company said its profit was big enough to cover its latest debt repayment to the US Treasury, and forecast even better results in the coming quarter, noting that it believes losses on mortgages peaked at the end of last year.
US mortgage insurer Freddie Mac reported Thursday that mortgage rates reached record low levels again this week, keeping homebuying affordability at all-time high levels. The average rate for a 30-year mortgage fell to 3.84 percent in the week ending today, the lowest in the 41-year history of Freddie mac's weekly survey. The previous all-time low of 3.87 percent was set in the week ended February 10th. The 30 year mortgage, the most common type of loan used for home purchases, has now been below 4 percent since the beginning of December.
According to a report from housing data tracker RealtyTrac, short sales outnumbered foreclosures in 12 different US states in January, evidence that lenders are becoming more open to seeking alternative options to seizing the homes of seriously delinquent homeowners. A short sale is where the lender holding the loan agrees to allow the borrower to sell his home for less than whet is owed on the loan, forcing the lender to take a loss on the mortgage but allowing them to forgo the headache of dealing with the foreclosure process. Overall, short sales across the US rose 33 percent in year-over-year terms in January, RealtyTrac said.