30-year fixed mortgage rates at their lowest level in more than two years.

By
Mortgage and Lending with Canopy Mortgage 89769

Connecticut Mortgage Rates:  30-year fixed mortgage rates at their lowest level in more than two years.

Mortgage rates plummeted last week as week economic reports, chiefly jobs and unemployment reports came in at the weakest levels in several years.

The Freddie Mac Primary Mortgage Market Survey reported that the 30-year fixed-rate mortgage (FRM) dropped 20 basis points from the previous week to an average of 5.87 percent. Fees and points also moved down from 0.5 to 0.4 point. This was the lowest level the 30-year FRM had achieved since September 2005. One year ago the 30-year FRM averaged 6.21 percent.

The 15-year FRM for the week ended January 10 carried an average contract interest rate of 5.43 percent compared to 5.68 percent one week earlier. Fees and points dropped from 0.6 point to 0.4 point. During the same week one year earlier the 15-year FRM averaged 5.96 percent.
 

For the first week of 2008, the Mortgage Bankers Association reported an increase in the refinance share of mortgage applications and the pace of overall applications, both at the highest levels in four weeks."

The current Weekly Mortgage Applications Survey (for the week ending January 11,) confirmed that the trend of higher mortgage applications is continuing. Volume was up 28.4 percent on a seasonally adjusted basis from the previous week and 64.8 percent when unadjusted. Applications were 39.0 percent higher than during the same week in 2007.

Refinancing accounted for a big part of the surge in applications. 62.7 percent of applications filed last week were for that purpose, up from 57.7 percent the previous week. As recently as November refinancing represented less than 50 percent of mortgage activity. Adjustable-rate mortgages, however, continue to decrease in popularity and now account for only 9.2 percent of activity.

Leo Namiot

Connecticut Mortgage Specialist

Benchmark Mortgage

http://www.benchmarkct.com/

 

 

 

 

Thomaston CT, Torrington Connecticut, Danbury CT, Brookfield CT, Avon CT, Litchfield CT, West Hartford CT, Watertown CT, Oxford CT, Middlebury CT, Morris CT, Waterbury CT, New Haven CT, Milford CT, Norwalk CT, Fairfield CT, Stamford CT, Stratford CT, Newtown CT, Southbury CT, Hartford CT, Burlin CT, Winsted CT, New Hartford CT, Prospect CT, Southport CT, Westport CT,CT Mortgages, Woodbury CT, Naugatuck CT, Shelton CT,Bridgeport CT, Old Lyme CT,East Lyme CT, Middletown CT, Cromwell CT, Bristol CT, Benchmark Mortgage CT,Southington CT, Plainville CT, New Britain CT, Wolcott CT, Terryville CT,Newington CT,Meriden CT,Kent CT, Bantam CT, Northfield CT,Oakville CT,CT First Time Home Buyers,Derby CT, Orange CT,Branford CT, New Milford CT,Easton CT, Darien CT, Washington Depot CT,Beacon Falls CT,East Hartford CT,Waterford CT,Brooklyn CT,Dayville CT,Wallingford CT,Cheshire CT, Ansonia CT, Stratford CT,Monroe CT,West Palm Beach Florida,Key West Fl,Jacksonville FL,Miami Fl,Daytona Beach FL,Tampa Fl,Ft Lauderdale Fl,Orlando Fl,Waterbury CT,Bridgeport CT,Bantam CT,Waterforf,Newingtoc CT,Burlington CT,East Haven CT,Stamford CT,Stratford CT,Guilford CT,Essex CT

 

 

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Location:
Connecticut
Tags:
home loan
connecticut real estate
ct mortgage rates
connecticut mortgages
wwwbenchmarkctcom
connecticut mortgage
connecticut mortgage news

Post a Comment
Spam prevention
Spam prevention
Post a Comment
Spam prevention

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
194,773

Leo Namiot

Outstanding Service & Great Rates
Have a question?
*
*
*
*
Spam prevention

Additional Information