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What's Ahead For Mortgage Rates This Week - November 13, 2017

Last week's economic news included a survey of senior loan officers, Freddie Mac's average mortgage rates, and new jobless claims. An index reading for consumer sentiment was also reported.
Loan Officers: Standards for Residential Real Estate Loans Eased or Unchanged
According to the Federal Reserve's Survey of Senior Loan Officers,72 institutions surveyed reported that all types of residential real estate loans saw easing of lending standards or no change in lending requirements. Demand for real estate loans eased, which likely influenced financial institutions decision not to tighten lending criteria for home loans. In contrast, banks surveyed indicated tighter lending requirements for auto loans and credit cards.
Mortgage Rates Fall, New Jobless Claims Rise
Freddie Mac reported lower average mortgage rates last week.30-year fixed rates averaged 3.90 percent; 15-year fixed rates averaged 3.24 percent and the average rate for a 5/1 adjustable rate mortgage rates averaged 3.22 percent. Discount points averaged 0.40 percent for 30-year fixed rate mortgages and 0.40 percent for 15-year fixed rate and 5/1 adjustable rate mortgages. Lower mortgage rates were good news for home buyers who continue to face high home prices coupled with competition by cash buyers.
First-time jobless claims increased by 10,000 new claims to 239,000 new claims. Analysts expected ... more

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