banks: Mortgage Rates Jump - 04/12/10 01:39 AM
Mortgage rates rose substantially this week. Ever since the government stopped buying mortgage backed securities the writing had been on the wall that mortgage rates were going to increase. And the general expectation is that over the next month rates are going to continue to rise. The 30 year rate rose from 5.08 to 5.21 this week. This is the 5th week in a row where rates have risen. Although rates have been rising this week those rose as much as the last 4 weeks combined.
Looking at the other major mortgage products the 15 year rose from 4.39 to … (0 comments)
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banks: Mortgage Rates Fall Again - 03/17/10 02:00 AM
The 30 year rate fell from 4.97 to 4.95 this week. This is the 2rd week in a row where rates have fallen. The expectation has been (for several months) that rates were going to rise. It looks like an economic recovery, which is somewhat more tepid than expected, has stopped rates from rising. Instead at least the 30 year rate has remained remarkably stable. For most of 2010 the 30 year rate has stayed between 4.9 and 5.1. The 15 year dropped from 4.33 to 4.32. The 5 and 1 year arms dropped from 4.11 to 4.05 (5 year arm) … (0 comments)
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banks: Mortgage Rates Fall and Hit New Low for 2010 - 03/01/10 02:10 AM
The 30 year rate fell from 4.97 to 4.93 this week. Overall rates have been pretty stable. In fact during all of 2010 30 year mortgage rates have stayed between 4.93 and 5.09. This is the 2nd week in a row where rates have fallen. The current rate of 4.93 is the lowest rate reached in 2010 and is somewhat near the all time low of 4.71 reached on December 3, 2009.
The other major mortgage products fell as well this week. The 15 year dropped from 4.34 to 4.33. The 5 and 1 year arms dropped from 4.19 to … (0 comments)
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banks: Mortgage Rates The Volatility is Gone - 02/09/10 12:07 AM
After dropping for 4 weeks in a row the 30 year rate rose slightly this week moving from 4.98 to 5.01. The 15 year rose from 4.39 to 4.40. The 5 and 1 year arms rose from 4.25 to 4.27 (5 year arm) and 4.29 to 4.22 (1 year arm). Below are rates from the weeks from Jan 07, 2010 to Feb 04, 2010
Feb 04, 2010
30-fixed 5.01 15-fixed 4.40 5 ARM 4.27 1 ARM 4.22
Jan 28, 2010
30-fixed 4.98 15-fixed 4.39 5 ARM 4.25 1 ARM 4.29
Jan 21, 2010 … (3 comments)
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banks: Mortgage Rates Start Off The Year Falling Four Weeks In A Row - 02/01/10 01:59 AM
The 30 year rate fell slightly this week moving from 4.99 to 4.98. This is the 4th week in a row where rates have fallen. Although rates have been falling for 4 weeks in a row all the drops have been slight. Four weeks ago rates the 30 year rate stood at 5.14 and today it stands at 4.98 for a total drop of only .16 points. The other major mortgage products fell as well but all the drops were similarly quite small. The 15 year dropped from 4.40 to 4.39. The 5 and 1 year arms dropped from 4.27 to … (2 comments)
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banks: Mortgage Rates Fall For The Third Week In A Row - 01/25/10 01:28 AM
The 30 year rate fell from 5.06 to 4.99 this week. This marks the 3rd week in a row where rates have fallen. Although rates have been falling they are still quite a bit off the all time low of 4.71 we saw on December 3, 2009. That said it's nice to see rates falling again. Looking at other rates the 15 year dropped from 4.45 to 4.40. The 5 and 1 year arms dropped from 4.32 to 4.27 (5 year arm) and 4.39 to 4.32 (1 year arm). Below are rates from the weeks from Dec 24, 2009 to Jan … (0 comments)
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banks: When Does It Make Sense To Refinance? - 01/16/10 06:53 PM
There are certain instances where it would be an advantage for you to refinance your home. Even in the midst of a down economy, homeowners are finding lower interest rates and opportunities to incorporate balances on high-interest unsecured debt to a lower interest rate home loan. Some homeowners are finding the benefit of a higher credit rating after incorporating debt into their refinanced home loan, reducing their debt-to-income-ratio. There are other reasons to refinance, however.
Your primary consideration in refinancing your home will be to save money. How can this be achieved? Several ways for savings might be to lower … (0 comments)
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banks: Mortgage Rates Rise Off of Historic Lows - 12/15/09 12:55 AM
Two weeks ago mortgage rates hit historic lows with the 30 year falling to 4.78. The next week they fell even further to 4.71. This week they rose back up to 4.81. Although they rose a tenth of a point the mortgage rates are still near historical lows. Below are the nine lowest rates of all time. Not surprisingly they all occurred in 2009.
1. Dec 3rd - 4.71
2. April 30th - 4.78
3. April 2nd - 4.78
4. Nov 26th - 4.78
5. April 23rd - 4.80
6. Dec 10th - 4.81
7. April 16th - 4.82
8. … (0 comments)
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banks: Financial Regulation: What Went Wrong? - 12/06/09 02:30 AM
In 1803, Lazare Carnot began the the study of entropy in thermodynamics, suggesting that natural processes become disorganized over time, leading to waste and inefficiency. So too, in economics does this now taken-for-granted law seem to be in clear effect: recession's end has thus far led to little change in the regulatory structure of the Fed and other responsible bodies. The notable exception is the bill now before the House which aims to severely curtail the role of the Fed. Opinions on the extent and type of reform necessary are vehement and divisive. Suffice it to say that the US regulatory … (27 comments)
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banks: Mortgage Rates Reach New All Time Lows - 12/06/09 02:14 AM
Last week mortgage rates matched their all time low of 4.78. This week rates fell even further reaching a new low of 4.71. To put this in some context in terms of historical mortgage rates before the last 12 months the all time low was 5.24 which was reached in the middle of 2003. Today's rates are a full half point below that.
Although the 30 year rate is the most significant of the 4 major mortgage products the other 3 fell as well. The 15 year mortgage hit a new all time low for the second week in … (0 comments)
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banks: Mortgage Lenders Bailed Out By the U.S. Government - 11/28/09 06:10 AM
Beginning October 2008 through October 2009, the U.S. Treasury Department has been bailing out U.S. banks. In efforts to undergird the economy, and stabilize the struggling institutions, over $200 billion has been paid out to over 600 mortgage lenders through the Treasury's Capital Purchase Program.
Surprisingly, almost $71 billion has been paid back to the U.S. Treasury so far. That's almost 36 percent of $200 billion being paid back by 41 different banks. Interestingly to note, almost 7 percent of the banks who borrowed federal money owed 36 percent of the government's capital purchase.
Looking at the extensive list … (2 comments)
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banks: Mortgage Rates Hit Historic Low - 11/28/09 05:28 AM
Mortgage rates fell this week with three of the 4 major mortgage products hitting all time lows. The most important of the four mortgage products the 30 year rate fell to 4.78 from 4.83 equaling the previous low. The 15 year mortgage product hit 4.29 beating the previous low of 4.32 reached last week. The 5 year arm came in at 4.18 breaking the previous low of 4.25 also reached last week. The 1 year arm stayed at 4.35. Below are rates from the weeks from Oct 29, 2009 to Nov 26, 2009
Nov 26, 2009
30-yr 4.78 … (3 comments)
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banks: Mortgage Rates Plummet: 6th Lowest of All Time - 11/23/09 01:04 AM
Rates fell for the third straight week. They hit the lowest point since May 21st and they reached the 6th lowest point in history. It will come as no shock to those that have been following rates that the 5 lower rates all occurred this year. Below are the 6 lowest rates of all time.
April 30th - 4.78
April 2nd - 4.78
April 23rd - 4.80
April 16th - 4.82
May 21st - 4.82
Nov 19th - 4.83
As we can see although it's the 6th lowest it's extremely close to the all time low of 4.78 reached … (0 comments)
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banks: Mortgage Rates Continue To Rise: Are Sub 5 Rates Gone Forever? - 11/02/09 12:57 AM
So are sub 5.0 rates gone forever? The short answer is probably yes. While rates might briefly fall below 5 in the next month for the most part the era of sub 5.0 rates is over. Mortgage rates rose for the third straight week. The thirty year rate rose from 5.00 to 5.03. The 15 year rate rose from 4.43 to 4.46. The 5 and 1 year rates rose from 4.40 to 4.42 and 4.54 to 4.57. Its interesting to note that the 1 year arm has had a higher rate than the 5 year arm for the last few weeks. … (1 comments)
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banks: Mortgage Rates Start to Rise : Is Inflation Next - 10/24/09 11:58 PM
The 30 year rate rose again this week rising from 4.92 to 5.00. Now in the last two weeks 30 year mortgage rates have risen from 4.87 to 5.00. Most of the other major mortgage products rose as well. The 15 year rate rose from 4.37 to 4.43. Both the 5 year arm rising from 4.38 to 4.40 and the 1 year arm was the only product to fall moving from 4.60 to 4.54.
While this is not a huge jump the question is are we seeing the tip of the iceberg with rising rates? The expectation has been that … (4 comments)
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banks: Mortgage Rates Start to Rise - 10/16/09 04:11 AM
After falling for the last 6 weeks mortgage rates started to rise this week. The 30 year rate rose from 4.87 to 4.92. The 15 year mortgage rose from 4.33 to 4.37. Both arms rose as well with the 5 year arm rising from 4.35 to 4.38 and the 1 year arm rising from 4.53 to 4.60. Below are mortgage rates for the last several weeks along with mortgage rates from March 19, 2009.
Oct 15, 2009
30-yr 4.92 15-yr 4.37 5-yr ARM 4.38 1-yr ARM 4.60
Oct 08, 2009
30-yr 4.87 15-yr 4.33 5-yr … (1 comments)
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banks: Foreclosures of Rich and Famous People - 09/22/09 03:05 AM
Although the rich and famous are rich and famous, it doesn't mean that they are impervious to the popping of the real estate bubble. Many have succumbed to real estate woes as of late.
Ed McMahon had tabloids a talking when his real estate troubles became front page news last year. The now deceased celebrity attributed his dollar difficulties to alimony paid out to ex-wives and the economic downturn.
Aretha Franklin set the record straight about her exclusive Detroit suburban home. It went into foreclosure due to non-payment of property tax. She could have lost her $400,000 home to … (2 comments)
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banks: Mortgage Rates Fall Again - 07/04/09 03:53 AM
Mortgage Rates fell this week with the 30 year rate dropping from 5.42 to 5.32. They have fallen .27 points from their recent high of 5.59 reached on June 11, 2009. Rates are still up from the all time low of 4.78 they reached on April 30, 2009. Except for the 1 year arm the other major rates dropped as well. The 15 year fixed rate dropped from 4.87 to 4.77 and the 5 year arm dropped from 4.99 to 4.88. The one year arm rose slightly from 4.93 to 4.94. Below are rates for the last few weeks.
Jul … (1 comments)
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banks: Getting Back To "Boring Banking" - 05/21/09 11:05 AM
These days it seems like bank is a four-letter word and bonus-getting bankers are bad guys, as evil as any comic book villain. All the hullaballoo about the banks passing the government "stress test" makes the average American want to say, "Who cares?"
Well, unfortunately we all have a stake these days in how the banking industry is faring, and not just because our tax dollars have funded billion dollar bailouts. The health of the banking industry is a direct reflection on the health of the economy, and we all pay the price or reap the benefits to a degree.
… (11 comments)
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banks: Mortgage Rates Teeter Just Above All Time Lows - 04/29/09 02:44 AM
Mortgage rates moved down slightly this week. Even though rates didn't move much this week we are still sitting just a hair above all time lows thanks to the drop from last week. This week the 30 year rate dropped from 4.82 to 4.80. The all time low was reached earlier this month when 30 year rates hit 4.78. Even though the official index puts rates at 4.80 we have seen people getting rates as low as 4.4. The 15 year rate stayed even at 4.48. Both the 5 and 1 year arm dropped this week. But since both rates are … (0 comments)
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