interest rates: 2014 Mortgage Interest Rate Forecast
- 01/22/14 11:16 PM
Minneapolis, MN: It has come that time of year again where I make my mortgage interest rate prediction for the coming year. My long range forecast is based on multiple indexes, theories, past industry experience, and a little bit of guessing.
The bulk of the weight this year goes towards the continuing reduction in the easing of the current Federal Reserve bond buying program, which started this month. If the economy falters, and the Fed delays their easing, the anticipated increase in rates could be pushed back.
Below is my prediction for the average 30-year conventional fixed rate mortgage loan:
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interest rates: Float or Lock your Mortgage Loan
- 01/17/14 10:22 PM
Float or Lock your Mortgage Loan Interest Rate?
MInneapolis, MN: I get asked the "should I float or lock" question several times every week as a mortgage loan officer. I generally have the same answer. Lock.
Watching the markets, and trying to figure out what the markets will do is an exercise in futility. There are simply too many reports, commentary, and data constantly being analyzed from every angle and perspective. The last 10-years, much of the talk has not matched the actual trading of bonds.
Interest rates change daily
During the time most home owners are in what lenders … (0 comments)
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interest rates: 2014 interest rate forecast
- 12/02/13 05:46 AM
Everyday, I am asked "what are mortgage rates going to do?"
No one has a crystal ball, but here are a few reasons we should expect mortgage interest rates to be higher in 2014.
1) New mortgage rules starting in 2014 are going to make getting mortgages harder, take longer, and cost you more money to obtain. Lower debt to income rations, new forms, qualified mortgages, the CFPB, and more are all expected to take a significant toll. Remember, Barney Frank, Chris Dodd, and all the others said their brilliant financial reforms would save you money... All I've seen is … (2 comments)
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interest rates: Mortgage rates up slightly - week ending Nov 7, 2013
- 11/07/13 11:36 PM
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving higher for the first time in three weeks amid more positive economic data out of the manufacturing and non-manufacturing sectors.
News Facts
30-year fixed-rate mortgage rates averaged 4.16 percent with an average 0.8 point for the week ending November 7, 2013, up from last week when it averaged 4.10 percent. A year ago at this time, the 30-year FRM averaged 3.40 percent. 15-year fixed rate mortgages this week averaged 3.27 percent with an average 0.7 point, up from last week when it averaged … (1 comments)
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interest rates: Refinance applications down 55% - Wrong move for many
- 08/05/13 03:20 AM
According to recent surveys from the Mortgage Bankers Association, refinance applications are down 55% from recent highs. The latest survey shows the smallest amount of refinance activity in years, yet refinances still account for 63 percent of all mortgage applications.
Clearly the uptick in interest rates from the lows we say back in May 2013 are having an effect on activity. As mortgage rates move higher, refinancing makes less sense for more and more people. Current best execution on 30-year fixed mortgage rates is running +/- 4.50%, which is about 1% higher than the recent lows.
From a historical perspective, interest … (1 comments)
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interest rates: Sorry, mortgage rates are not going back down.
- 06/24/13 05:52 AM
Minneapolis, MN: This isn't easy to say, but understand... rates are NOT going back down to where they were last month.
Today's mortgage rates for the best customers at about 4.625%, but range up to above 5%, based on lender, credit score, program, down payment, etc.. Our quoted rates today are 1/2% higher than just last Monday. Volatility is the name of the game, as we have seen rates jump by as much as .25% in interest rate in a single day. What we quote in the morning may be long gone by the afternoon.
With the drastic and dramatic … (1 comments)
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interest rates: Rates are rising, should Realtors worry?
- 06/20/13 04:42 AM
Minneapolis, MN: Yesterday the Federal Reserve "clarified" to everyone when it will likely end its economic stimulus program. This ended weeks of speculation that has caused mortgage rates to surge to the highest levels since 2011, and up over 1/2% in physical rate in the past two months.
Based on the news, it appears mortgage rates have a new bottom, which is about where they are at today. There is plenty of room for rates to move higher. Express this to your clients, and get the fence sitters moving.
Loan Officers and Real Estate Agents have great fear for future … (2 comments)
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interest rates: Mortgage rates up slightly, but lets keep perspective
- 06/18/13 12:21 AM
Minneapolis, MN: With interest rates having moved up slightly recently, it is good to keep current mortgage rates in perspective.
Here is a mini historic look at conventional 30-yr fixed loan rates
In the early 1960's = 5.25% In June 1971, about 7.53% In June 1981, about 16.70% In June 1990, about 10.16% In June 1998, about 6.99% In June 2000, about 8.29% In June 2005, about 5.58% In June 2009, about 5.52% In June 2010, about 4.75% Last month (May 2013) about 3.54% Today... about 3.91% I bought my first house in 1981. I paid 16% for my FHA 30-year … (1 comments)
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interest rates: Panic locking mode as mortgage rates tick higher
- 05/31/13 12:39 AM
Minneapolis, MN: Mortgage interest rates have been near historic lows for a long time. Home buyers have fallen into a feeling that low mortgage rates are normal. That attitude changed a bit recently as mortgage rates jumped up to the highest level in over a year.
Interest rates on baseline 30-year fixed mortgage surged 12 basis points to average 3.9% in the week ended May 24, the highest level since May 2012. The upward trend went even slightly higher this week, with most lenders reporting best execution rates at 4.00% The slight up-tick in rates has caused many potential buyers … (1 comments)
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interest rates: Mortgage rates up after jobs report - Week ending May 4th, 2013
- 05/03/13 11:43 PM
Minneapolis, MN: Mortgage rates jumped up at their fastest pace in two months after this weeks employment report, which showed that more jobs than anticipated were created in April.
Anytime we see good economic news, it tends to cause long-term mortgage interest rates to move higher.
Not only were April's numbers good, the report also revised March's numbers higher - which combined, added to the increase in mortgage interest rates.
While this all sounds like doom and gloom for anyone looking to buy a new home, or refinance their existing mortgage to save money - it just means that for a … (0 comments)
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interest rates: Weekly Rate Report for April 27th, 2013
- 04/26/13 10:24 PM
Mortgage Rates Hit 2013 Lows, Big Week Ahead Market Summary Minneapolis, MN: Mortgage rates finally made a break from a narrow range that's persisted since April 15th. They'd edged up to the top of that range by Thursday, but then made their first authoritative move lower to end the week at the best levels of 2013.
READ THE FULL REPORT
… (2 comments)
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interest rates: Rates down for week ending 4/11/2013
- 04/12/13 01:47 AM
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates edging down for the second consecutive week following weak employment reports. The average 30-year fixed-rate mortgage at 3.43 percent this week remains near its 65-year record low and continues to provide support for the housing recovery.
News Facts
30-year fixed-rate mortgages (FRM) averaged 3.43 percent with an average 0.8 point for the week ending April 11, 2013, down from last week when it averaged 3.54 percent. Last year at this time, the 30-year FRM averaged 3.88 percent. 15-year fixed rate mortgages this week averaged 2.65 … (1 comments)
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interest rates: Is it time to lock?
- 04/03/13 08:44 AM
Mortgage Interest Rates Hit a One Month Low.
Is it time to lock?
Minneapolis, MN: Mortgage rates improved at their fastest pace in a week, bringing most lenders’ rate sheet offerings to their best levels since the first few days of March.
READ THE FULL STORY
Joseph Metzler, MLO. MMS. NMLS #274132
33 Wentworth Ave E, Saint Paul, MN 55118
Ph: (651) 552-3681
Licensed in MN and WI. Company NMLS #225504.
… (1 comments)
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interest rates: Mortgage Rates for week ending March 16, 2013
- 03/22/13 12:51 AM
Minneapolis, MN: Freddie Mac yesterday the results of its Primary Mortgage Market Survey(R) (PMMS®), showing average fixed mortgage rates rising this week on stronger signs of jobs growth and consumer spending. The 30-year fixed averaged 3.63 percent, its highest reading since the week of August 23, 2012. The 30-year fixed hit its average all-time record low of 3.31 percent the week of November 21, 2012.
News Facts
30-year fixed-rate mortgage rates averaged 3.63 percent with an average 0.8 point for the week ending March 14, 2013, up from last week when it averaged 3.52 percent. Last year at this time, the … (0 comments)
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interest rates: Interest Rates remain low for week ending Feb 14th, 2013
- 02/14/13 11:35 PM
Minneapolis, MN: Freddie Mac yesterday released the results of its most current Primary Mortgage Market Survey(R) (PMMS®), showing average fixed mortgage rates unchanged from the previous week and remaining near their record lows as they continue to support housing demand, translating into a pick-up in home prices in most markets. News Facts
30-year fixed-rate mortgage rates (FRM) averaged 3.53 percent with an average 0.8 point for the week ending February 14, 2013, the same as last week. Last year at this time, the 30-year FRM averaged 3.87 percent. 15-year fixed mortgage rates this week averaged 2.77 percent with an average 0.8 … (0 comments)
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interest rates: Shopping for the Best Mortgage Rates?
- 02/04/13 12:26 AM
Minneapolis, MN: Thinking of refinancing your home? Are you a First Time Home Buyer? Homeowners have thousands of choices when it comes to shopping for their mortgage loan, and sometimes all these options can spell trouble.
Pretty much every phone call I take starts with “What’s your interest rate?” While this seems like a very logical question to ask, it doesn’t give the lender all the information needed to give you an accurate answer.
This goes for online mortgage interest rate search tools too. While you may put in some basic information, I haven’t seen a system yet (including ours) … (1 comments)
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interest rates: Are you a serial refinancer?
- 12/21/12 03:21 AM
Are you a serial refinancer? Minneapolis, MN: As mortgage interest rates drop, many people believe that no cost loans, and refinancing multiples times is a game winning strategy. People who do this are known as "serial refinancers."
A Wall Street Journal report shows about 2.2 million people have refinance their current home loan at least twice since 2009.
All loans have closing costs, so an important aspect to refinancing is the question, "is their a benefit?" Refinancing generally is down to obtain a lower mortgage interest rate, and hence, a lower mortgage payment. Some people also lower their term, going from … (1 comments)
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interest rates: 30-Year Mortgage Rates Average 3.37% for week ending 12/14/2012
- 12/20/12 01:03 AM
Mortgage Rates Mixed, 30-Year Fixed Averages 3.37 Percent ST Paul, MN: Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgage rates mixed following data reports on inflation and the housing construction market. The 30-year fixed moved up averaging 3.37 percent, while the 15-year fixed eased to 2.65 percent, both remaining near their record lows.
News Facts
30-year fixed-rate mortgages (FRM) averaged 3.37 percent with an average 0.7 point for the week ending December 20, 2012, up from last week when it averaged 3.32 percent. Last year at this time, the 30-year FRM averaged 3.91 … (0 comments)
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interest rates: My 2013 Mortgage Interest Rate Prediction
- 12/10/12 04:17 AM
It is that time of year again... Here is my mortgage interest rate prediction for 2013
Minneapolis, MN: I expect long-term 30-year fixed rates to remain +/- about 3.50% for the first 6 months of 2013, with a slow but steady increase the second half of 2013 - but with the 30-year fixed rate remaining under 4.00% the entire year.
I also expect to see property values to slowly rise, with the average home increasing in value about 3% nationwide. While that doesn't sound like much, it is well within long-term historic appreciation levels.
CLICK THE SOCIAL MEDIA LINKS … (2 comments)
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interest rates: Mortgage Rates Basically Unchanged for week ending 11/23/2012
- 11/29/12 02:43 AM
Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgage rates virtually unchanged and remaining near their record lows amid growing concerns around the fiscal cliff. The 30-year fixed-rate mortgage has averaged below 4.00 percent all but one week in 2012, while the 15-year fixed-rate mortgage has averaged below 3.00 percent since the last week in May.
News Facts
30-year fixed-rate mortgages (FRM) averaged 3.32 percent with an average 0.8 point for the week ending November 29, 2012, up from last week when it averaged 3.31 percent. Last year at this time, the 30-year … (0 comments)
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Minneapolis, MN: It has come that time of year again where I make my mortgage interest rate prediction for the coming year. My long range forecast is based on multiple indexes, theories, past industry experience, and a little bit of guessing.
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