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Here’s the “good news” from the weekly mortgage market survey. Rates continue to hover at record lows, with the 30-year fixed-rate mortgage staying at the record low of 3.87 percent since the first week of February, Freddie Mac reports. The 30-year fixed-rate mortgage, the most popular choice among home buyers, has been below 4 percent for the past 11 weeks. 

A closer look at mortgages rates for the week ending Feb. 16: 

30-year fixed-rate mortgages: averaged 3.87 percent, with an average 0.8 point, matching last week’s average. A year ago at this time, 30-year rates averaged 5 percent. 

15-year fixed-rate mortgages: averaged 3.16 percent, with an average 0.8 point, also matching last week’s average. Last year at this time, 15-year rates averaged 4.27 percent. 

5-year adjustable-rate mortgages: averaged 2.82 percent this week, with an average 0.8 point, dropping slightly from last week’s 2.83 percent average. Last year, 5-year ARMs averaged 3.87 percent. 

Source: Freddie Mac

We would like to share this weekly update! Rates ticked up slightly this week, but still hovered around record lows compared to historical standards, Freddie Mac reports in its weekly mortgage market survey. Hope this may be of interest to you or a friend.

“A strong January employment report added upward pressure to most mortgage rates this week,” Frank Nothaft, Freddie Mac’s chief economist, said. The unemployment rate dropped to 8.3 percent as the economy gained 243,000 jobs last month, the largest gain since April 2011. 

Here’s a closer look at rates for the week ending Feb. 9: 

• 30-year fixed-rate mortgages: averaged 3.87 percent, with an average 0.8 points. A year ago at this time, 30-year rates averaged 5.05 percent. 
• 15-year fixed-rate mortgages: averaged 3.16 percent, with an average 0.7 point, rising slightly from last week’s record low of 3.14 percent. But 15-year rates were still far below what they averaged a year ago at this time — 4.29 percent.
• 5-year adjustable-rate mortgages: averaged 2.83 percent, with an average 0.7 point, rising from last week’s 2.80 percent average. Last year at this time, 5-year ARMs averaged 3.92 percent. 

Source: Freddie Mac other news at: www.BudZeller.com or zteam4u@gmail.com

Record low mortgage rates are creating more demand for mortgage applications. The Mortgage Bankers Association reports in its most recent weekly mortgage market survey that loan application volume increased 7.5 percent on a seasonally adjusted basis compared to one week earlier. 

Refinance activity was due to most of that increase last week. Applications for refinancing increased 9.4 percent compared to a week earlier, while applications for purchases only ticked up slightly at 0.1 percent.

The 30-year fixed-rate mortgage on conforming loans reached its lowest rate in the survey’s history last week — falling from 4.09 percent to 4.05 percent. Freddie Mac was reporting even lower for the week ending Feb. 2, with 30-year rates averaging 3.87 percent nationwide. 

Historically, we’ve found this to be a great time of the year to buy in our region of Placerville, El Dorado County, California. Sellers probably haven’t seen much activity in November and December. Rates generally are at their lowest in January and February?

Source: “Mortgage Applications Surge on Low Interest Rates,” HousingWire (2/ 8/12)

Great to report that loan rates hit another all-time low this week, marking the seventh straight week it has averaged below 4 percent, Freddie Mac reports in its weekly mortgage market survey.

Here’s a closer look at rates for the week ending Jan. 19: 

• 30-year fixed-rate mortgages: averaged 3.88 percent, with an average 0.8 point, a new all-time low and dropping from last week’s previous record of 3.89 percent. A year ago at this time, 30-year rates averaged 4.74 percent. 
• 15-year fixed-rate mortgages: averaged 3.17 percent, with an average 0.8 point, up slightly from last week’s record low of 3.16 percent. Last year at this time, 15-year rates averaged 4.05 percent. 
• 5-year adjustable-rate mortgages: averaged 2.82 percent, with an average 0.7 point, the same as last week’s average. Last year at this time, 5-year ARMs averaged 3.69 percent. 
• 1-year ARMs: averaged 2.74 percent, with an average 0.6 point, dropping from last week’s 2.76 percent average. Last year at this point, the 1-year ARM averaged 3.25 percent. 

Source: Freddie Mac

More news from the “Sierra Foothills” of El Dorado, Placer, Amador and Sacramento Counties of California at: www.sierraproperties.com or email: zeller123@gmail.com

Record-low mortgage rates sparked a wave in mortgage applications for home purchase and refinancings last week, increasing more than 20 percent in a week, the Mortgage Bankers Association reports. 

for the week ending Jan. 13, mortgage applications for refinancing applications jumped 26.4 percent while home purchase applications, a future gauge for home buying, increased 10.3 percent.  

“With mortgage rates reaching new lows, refinance volume jumped,” Michael Fratantoni, MBA’s vice president of research and economics, said in a statement. “Purchase activity also increased as buyers returned to the market after the holiday season.”

Freddie Mac reported that 30-year fixed-rate mortgage averaged a record low of 3.89 percent for the week ending Jan. 12. For six consecutive weeks, 30-year fixed-rate mortgages — the most popular choice among home buyers — has averaged below 4 percent. 

Source: “Mortgage Applications Surge on Refinancing Demand,” Reuters (Jan. 18, 2012)

More news from the “Sierra Foothills” of El Dorado, Placer, Amador and Sacramento Counties of California at: www.sierraproperties.com or www.dougandbudzeller.com

Freddie Mac announced it has eliminated its minimum credit score requirement for borrowers wanting to refinance, but they must have at least 20 percent equity in their home, HousingWire reports. Freddie Mac used to require a minimum credit score of 620. 

In following instructions from the Federal Housing Finance Agency, government-sponsored enterprises Freddie and Fannie Mae are both looking at how they can ease requirements to spur more refinances so more borrowers can take advantage of record-low mortgage rates.

Fannie Mae has removed a refinancing requirement that lenders must determine the borrower’s ability to repay — aimed at increasing refis and helping more underwater borrowers stay current on their mortgages. 

HousingWire reports that about 4 million loans serviced by Fannie Mae and Freddie Mac are underwater, in which the borrower owes more on their loan then their home is currently worth. 

Source: “Freddie Cuts Some Refi Credit Score Requirements,” HousingWire (Jan. 5, 2012)

More news from the “Sierra Foothills” of El Dorado, Placer, Amador and Sacramento Counties of California at: www.sierraproperties.com or www.dougandbudzeller.com

Home buyer affordability continues to be pushed higher due to mortgage rates remaining at record lows, Freddie Mac reports in its weekly mortgage market survey. 

“Mortgage rates ended the year hovering near historic lows in an already affordable housing market,” Frank Nothaft, Freddie Mac’s chief economist, said in a statement.  With affordability so high, Nothaft notes “it’s not surprising then that over 5 percent of households in December plan to purchase a home over the next six months, the highest share since May,” according to The Conference Board. 

For the ninth consecutive week, 30-year fixed-rate mortgages, the most popular choice among home buyers, have been at or below 4 percent. In fact, only twice this year did 30-year rates average above 5 percent, Freddie Mac reports. 

Here’s a closer look at rates for the week ending Dec. 29.

• 30-year fixed-rate mortgages: averaged3.95 percent, with an average 0.7 point, inching up from last week’s all-time record–a 3.91 percent average. A year ago at this time, 30-year rates averaged 4.86 percent. 
• 15-year fixed-rate mortgages: averaged 3.24 percent, with an average 0.8 point, also up slightly compared to last week’s record 3.21 percent average. Last year at this time, 15-year rates averaged 4.20 percent.
• 5-year adjustable-rate mortgages: averaged 2.88 percent, with an average 0.6 point, increasing from last week’s 2.85 percent average. Last year at this time, the 5-year ARM averaged 3.77 percent. 
• 1-year ARMs: averaged 2.78 percent, with an average 0.6 point, slightly up from last week’s 2.77 percent average. A year ago, 1-year ARMs averaged 3.26 percent. 

 Source: Freddie Mac

 More news from the “Sierra Foothills” of El Dorado, Placer, Amador and Sacramento Counties of California at: www.sierraproperties.com or www.dougandbudzeller.com

For the third week, 30-year fixed-rate mortgages, the most popular choice among home buyers, averaged at or below 4 percent, Freddie Mac reports in its weekly mortgage market survey.

“Mortgage rates were little changed this week just as the economy is showing potential for further gains in the near term,” Frank Nothaft, Freddie Mac’s chief economist, said in a statement. 

Here’s a closer look at rates for the week ending Nov. 18:

• 30-year fixed-rate mortgages: averaged 4 percent with an average 0.7 point, rising slightly from last week’s 3.99 percent average. A year ago at this time, 30-year rates averaged 4.39 percent. 
• 15-year fixed-rate mortgages: averaged 3.31 percent with an average 0.7 point, increasing from last week’s 3.30 percent. Last year at this time, 15-year rates averaged 3.76 percent. 
• 5-year adjustable-rate mortgages: averaged 2.97 percent with an average 0.6 point, decreasing slightly from last week’s 2.98 percent average. Last year at this time, 5-year ARMs averaged 3.40 percent.
• 1-year ARMs: averaged 2.98 percent with an average 0.6 point, up from last week’s 2.95 percent average. A year ago, 1-year ARMs averaged 3.26 percent. 

Source: Freddie Mac

For the second time this year, the 30-year fixed-rate mortgage dropped below 4 percent and continues to hover around record lows, Freddie Mac reported in its weekly mortgage market survey. 

Yet overall, “fixed mortgage rates were little changed this week amid a mix of economic data reports,” Frank Nothaft, Freddie Mac’s chief economist, said in a statement. 

Here’s a closer look at mortgage rates for the week ending Nov. 10:

• 30-year fixed-rate mortgages: averaged 3.99 percent with an average 07 point, down from last week’s 4 percent average. The last time the 30-year fixed-rate mortgage dropped below 4 percent was Oct. 6 when it averaged 3.94 percent. Last year at this time, 30-year rates averaged 4.17 percent. 
• 15-year fixed-rate mortgages: averaged 3.30 percent with an average 0.8 point, dropping slightly from last week’s 3.31 percent average. Last year at this time, 15-year rates averaged 3.57 percent. 
• 5-year adjustable-rate mortgages: averaged 2.98 percent, with an average 0.6 point, rising from last week’s 2.96 percent average. A year ago at this time, the 5-year ARM averaged 3.25 percent. 
• 1-year ARMs: averaged 2.95 percent with an average 0.6 point, up from last week’s 2.88 percent average. A year ago at this time, the 1-year ARM averaged 3.26 percent. 

Source: Freddie Mac

Other information about the Sierra Foothills and Placerville, El Dorado County, California regions at: www.sierraproperties.com or www.dougandbudzeller.com

The 30-year fixed-rate mortgage, the most popular choice among home buyers, dropped to its second lowest reading on record this week, Freddie Mac reports in its weekly mortgage market survey. 

“Market concerns over the European debt market drew investors to U.S. Treasury securities, lowering bond yields and mortgage rates,” says Frank Nothaft, chief economist at Freddie Mac.

Here are how rates fared for the week:

30-year fixed-rate mortgages: averaged 4 percent, with an average 0.7 point, down from last week’s 4.10 percent average. The 30-year fixed-rate mortgage is the second lowest on record, just behind the 3.94 percent record reached on Oct. 6. A year ago at this time, 30-year rates averaged 4.24 percent. 

• 15-year fixed-rate mortgages: averaged 3.31 percent, with an average 0.7 point, falling from last week’s 3.38 percent average. Last year at this time, 15-year mortgages averaged 3.63 percent. 
• 5-year adjustable-rate mortgages: averaged 2.96 percent this week, with an average 0.6 point, dropping from last week’s 3.08 percent. At this time last year, 5-year ARMs averaged 3.39 percent.
• 1-year ARMs: averaged 2.88 percent this week, with an average 0.6 point, dropping from last week’s 2.90 percent average. A year ago at this time, the 1-year ARM averaged 3.26 percent. 

Source: Freddie Mac

Other real estate information and assistance for the Placerville, El Dorado County, California region at: www.DougandBudZeller.com