Mortgages Hit Record; Signal Refinance
The benchmark 30-year fixed-rate mortgage fell 4 basis points this week, to 4.37%, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey had an average total of 0.38 discount and origination points. One year ago, the mortgage index was 4.53%; four weeks ago, it was 4.54%.
The benchmark 15-year fixed-rate mortgage fell 15 basis points, to 3.48%. The benchmark 5/1 adjustable-rate mortgage fell 5 basis points, to 3.07%, and the 30-year, fixed-rate jumbo fell 5 basis points, to 4.89%.
This is the lowest rate on the 30-year fixed since Bankrate started the weekly mortgage survey nearly 26 years ago. The fixed rate hit a previous record last week when it reached 4.41%. This week set records for the 15-year fixed, the 5/1 ARM and the jumbo, too. All reached record lows in the history of Bankrate's weekly surveys.
Despite the attractive rates, fewer borrowers applied for mortgages last week. The volume of mortgage applications decreased 9.6% this week compared to the previous week, according to the Mortgage Bankers Association's weekly survey.
Some brokers say the decline in volume is not a sign that borrowers have lost interest in refinancing. They say brokers and lenders are simply busy processing and closing the recent wave of mortgage applications they took when rates plunged a few weeks ago. When the rates plummeted recently, mortgage professionals reached out to clients to alert them of refinancing opportunities. That and the press about the historically low rates contributed to a surge in refinance applications that lasted about two weeks.
"Now, (lenders) are concentrating on closing those loans rather than originating new loans," says Brett Sinnott, director of secondary marketing at CMG Mortgage in San Ramon, Calif.
The recent wave of loan applications, which some characterize as a mini refi boom, also caused some lenders to actually raise their interest rates in an effort to slow the number of new applications.
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Use Bankrate's mortgage calculator to find out. Despite the attractive rates, fewer borrowers applied for mortgages last week. The volume of mortgage applications decreased 9.6% this week compared to the previous week, according to the Mortgage Bankers
"A rent-versus-own calculator can be a good resource, but generally these will show you the maximum mortgage you qualify for at the best rates," says Walton. Buyers need to factor in maintenance costs, "which can run from 1 (percent) to 4 percent of
If you're worried that home prices in your area may go lower, make a rough estimate of your city's price-rent ratio: Divide the average list price of several homes that meet your criteria by the average annual rent of several places with the same
“A rent-versus-own calculator can be a good resource, but generally these will show you the maximum mortgage you qualify for at the best rates,” says Walton. Buyers need to factor in maintenance costs, “which can run from 1 (percent) to 4 percent of
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