Mortgage Market News and Rate Survey

By
Real Estate Agent with Coldwell Banker

Stephen Kulisek, Mortgage Advisor, Coldwell Banker Home Loans

 


Refi Applications Surge As Rates Hit Record Lows

Oct 5th, 2012 (www.bankrate.com)

 

Mortgage rates inched down this week, hitting fresh lows as homeowners across the country rush to take advantage of the opportunity to reduce their mortgage payments.

 

The historic low rates led to a surge in refinances last week, as the volume of applications jumped to the highest level in more than three years, according to the Mortgage Bankers Association's weekly survey. Mortgage applications increased 16.6 percent from a week earlier. About 83 percent of all applications were from refinancers.

 

As the Federal Reserve continues its plans to purchase $40 billion worth of mortgage bonds per month, it is unlikely that mortgage rates will spike anytime soon, say industry observers.

 

But that doesn't mean borrowers should wait to refinance, says Cameron Findlay, chief economist for Discover Home Loans.

"You've got between now and the election," Findlay says to borrowers who want to grab the lowest rate possible. "I don't expect any significant changes in rates between now and then, but post-election, all bets are off."

 

 

 

NATIONAL RATE SURVEY RESULTS

Oct 4th, 2012 (Bankrate.com)

 

30-year Conventional:         

3.52% -- with avg. points: 0.44 pts

 

15-year Conventional:         

2.84% -- with avg. points: 0.44 pts                                                                                          

 

30-year FHA:          

3.47% -- with avg. points: 0.44 pts

 

5-year Conventional ARM:           

2.67% -- with avg. points: 0.44 pts

 

 

30 Year Fixed Trend Over Last 3 Months

 

Mortgage rates

 

  

 

COLDWELL BANKER HOME LOANS –   Slightly Higher

DAILY RATE CHANGES - LAST 5 BUSINESS DAYS

 

Date           Conventional            FHA                VA          

                                                                       

10/04          Slightly Higher        Higher           Higher

      ·         10 Year Treasury Yield opened at 1.64

 

10/03          Lower          Slightly Lower   Slightly Lower

      ·              10 Year Treasury Yield closed at 1.62

 

10/02          Slightly Lower   Slightly Lower   Slightly Lower

      ·              10 Year Treasury Yield closed at 1.62

 

10/01          Slightly Higher    Slightly Higher   Unchanged  

      ·         10 Year Treasury Yield closed at 1.62

 

09/28          Slightly Higher    Unchanged   Slightly Higher

      ·         10 Year Treasury Yield closed at 1.64

 

09/27          Slightly Higher       Higher             Higher

      ·               10 Year Treasury Yield closed at 1.64

 

 

 

RATEFORECAST

Oct 4th, 2012 (Bankrate.com)

 

Will rates rise or remain relatively unchanged this week?

Industry experts and analysts provide their insights.

 

·       25% of respondents expect rates to fall in the coming weeks  

 

·       17% predict a further increase in mortgage rates while the remaining  

 

·       58% forecast that mortgage rates will remain more or less unchanged

 

 

Steve Kulisek

Mortgage Advisor

Coldwell Banker Home Loans

Cell Number: (201) 780-1055

National Mortgage License # 21743

stephen.kulisek@mortgagefamily.com 

cid:image003.gif@01CCD057.783DA5E0

Comments (0)