Southern Daily Press

US Mortgage Activity Declines Last Week

Admin — Sat, 25 May 2013 00:23:32 +0000

Following the recent rise in mortgage rates, mortgage activity in the United States dropped 9.8 percent last week, as refinancing activity took an especially significant hit. This was revealed on Wednesday on the Mortgage Bankers Association’s most recent mortgage activity and rate update.

According to the MBA’s figures, refinancing activity was down 12 percent for the week ended May 17, 2013, analogous to the aforementioned 9.8 drop in overall mortgage activity. Interest rates on 30-year fixed-rate mortgages continued moving up, increasing 11 basis points from 3.67 percent to 3.78 percent. Points were down from 0.41 to 0.39 for these 30-year conforming mortgages.

30-year jumbo home loan rates were up from 3.87 percent to 3.93 percent, with points were up from 0.25 to 0.36. Jumbo mortgages are those valued at higher than $417,500. 15-year fixed-rate mortgages climbed eight basis points from 2.88 percent to 2.96 percent, with points increasing from 0.31 to 0.32.

Additionally, 30-year FHA mortgages climbed from 3.43 to 3.53 percent, with points down from 0.16 to 0.13, and short-term adjustable rate mortgages, or ARMs, edged from 2.55 to 2.60 percent. Points for these short-term ARMs remained stationary at 0.23.

“Mortgage rates increased to their highest level since March last week, leading to the largest single week drop in refinance applications this year,” observed MBA Vice President of Research and Economics Michael Fratantoni in a statement.

In this statement, Fratantoni also noted how the refinance index has been down close to 19 percent over the last two weeks and is presently at its lowest point since March 2013.

15-Year Mortgage Rates: PNC Bank Home Purchase and Refinance Mortgage Rates Today

Admin — Fri, 24 May 2013 19:02:40 +0000

Mortgage rates at PNC Bank (NYSE:PNC) hasn’t seen any major changes on Friday, but annual percentage rates (APRs) on some loans have improved, according to our observations. The Pittsburgh-headquartered mortgage lender offers the 30-year fixed loan, for those customers who are interested in refinancing, at a rate of 3.875% – 4.250%. The 15-year version of this loan is listed at 3.000% – 3.500%. The 15-year FRM is available at other top lenders as well, at attractive rates. For instance, Chase (NYSE:JPM) is offering the aforementioned loan this Friday at a rate of 3.000%. Borrowers, preferring Branch Banking and Trust (NYSE:BBT) as their favorite lender, will see a rate of 3.250% as of today. Full details on PNC’s mortgage interest rates can be found below.http://southerndailypress.com/todays-mortgage-rates-bbt-fixed-va-and-fha-mortgage-interest-rates-2/28965/ as their favorite lender, will see a rate of 3.250% as of today. Full details on PNC’s mortgage interest rates can be found below.

PNC Bank has been offering excellent mortgage rates under both its home purchase and refinance programs, so those who are looking to invest either in a new / used home or to refinance an existing mortgage, may find some favorable loan options at this lender.

PNC Bank Home Purchase Rates

30-Year Fixed Mortgage: 3.750% – 4.125%, 3.871% – 4.072% APR
20-Year Fixed Mortgage: 3.625% – 3.875%, 3.735% – 3.830% APR
15-Year Fixed Mortgage: 2.750% – 3.125%, 2.993% – 3.081% APR
10-Year Fixed Mortgage: 2.750% – 3.000%, 2.945% – 2.935% APR

The rate information provided assumes the purpose of the mortgage loan is to purchase a property, an existing single family home to be used as a primary residence with a loan amount of $200,000. The property is located in Chicago, IL. The interest rate reflects a 30 day rate lock period. The actual mortgage interest rate will depend on a number of factors including but not limited to loan type, credit profile, property type, appraised value, occupancy and loan size.

PNC Bank Refinance Rates

30-Year Fixed Mortgage: 3.875% – 4.250%, 4.017% – 4.206% APR
20-Year Fixed Mortgage: 3.750% – 4.000%, 3.888% – 3.967% APR
15-Year Fixed Mortgage: 3.000% – 3.500%, 3.170% – 3.419% APR
10-Year Fixed Mortgage: 2.875% – 3.375%, 3.120% – 3.231% APR

The rate information provided assumes the purpose of the mortgage loan is to refinance an existing mortgage with a loan amount of $200,000. The property is located in Chicago, IL. The interest rate reflects a 45 day rate lock period. The actual mortgage interest rate will depend on a number of factors including but not limited to loan type, credit profile, property type, appraised value, occupancy and loan size.

Please, note that the current mortgage interest rates above are only estimates. Mortgage rates may vary without prior notice from the lender and are subject to change based on location, geography and other terms and conditions. The annual percentage rates (APR) were made based on discount points, origination fees, average loan fees and closing costs.

In other news, Freddie Mac has published the results of its weekly Primary Mortgage Market Survey (PMMS) on Thursday, which revealed that the average rate on the 30-year fixed loan surged to 3.59%, from the previous 3.51% that it held earlier. As for the 15-year FRM, the national average rate rose to 2.77% from last week’s 2.69%.

More information on PNC Bank’s latest mortgage rates, borrowing terms and conditions, as well as additional mortgage loan options, can be found on the lender’s website.

Wells Fargo Mortgage Rates: Fixed, ARM and FHA Mortgage Interest Rates This Friday

Admin — Fri, 24 May 2013 18:36:32 +0000

We haven’t noticed any significant changes in Wells Fargo’s (NYSE:WFC) mortgage rates this Friday. The San Francisco-headquartered major mortgage provider currently offers the 30-year fixed refinance mortgage at a rate of 3.875%. Other top mortgage loan lenders, including Bank of America (NYSE:BAC), Chase (NYSE:JPM) and Citi Mortgage (NYSE:C), are also advertising this package at 3.875%. The 15-year fixed loan, which is a popular refinance package, is available today at 2.875%. The 30-year fixed FHA-insured loan may pique some interest from borrowers, as it’s listed at 3.750%. Loans that are coming with more flexible conditions are also available at Wells Fargo. This Friday the 5-year ARM is up for grabs at 2.250%. The 5-year ARM FHA also bears a rate of 2.250%. For more details on Wells Fargo’s home purchase and refinance loans, please check the data below.

Wells Fargo offers excellent mortgage interest rates under both its home purchase and refinance programs, so those potential borrowers who are looking to invest either in a new / used home or to refinance an existing mortgage, may find some suitable loan deals at this lender.

Wells Fargo Home Purchase Rates

30-Year Fixed-Rate Mortgage: 3.750%, 3.916% APR
30-Year Fixed FHA Mortgage: 3.500%, 3.945% APR
15-Year Fixed-Rate Mortgage: 2.875%, 3.165% APR
5-Year Adjustable Rate Mortgage (ARM): 2.000%, 2.732% APR
5-Year ARM FHA: 2.250%, 2.368% APR

The rate information provided assumes the purpose of the mortgage loan is to purchase a property, an existing single family home to be used as a primary residence with a loan amount of $200,000 and an estimated property value of $250,000. The property is located in New Haven, Connecticut. The interest rate reflects a 60 day rate lock period. The actual mortgage interest rate will depend on a number of factors including but not limited to loan type, credit profile, property type, appraised value, occupancy and loan size.

Wells Fargo Refinance Rates

30-Year Fixed-Rate Mortgage: 3.875%, 4.042% APR
30-Year Fixed FHA Mortgage: 3.750%, 4.879% APR
15-Year Fixed-Rate Mortgage: 3.000%, 3.291% APR
5-Year Adjustable Rate Mortgage (ARM): 2.250%, 2.817% APR
5-Year ARM FHA: 2.250%, 2.942% APR

Please, bear in mind, that the present mortgage interest rates may vary without prior notice from the lender and are subject to change based on location, geography and other terms and conditions. The annual percentage rates (APR) were made based on discount points, origination fees, average loan fees and closing costs.

For more information on Wells Fargo’s home purchase and refinance interest rates, as well as details on loan assumptions and borrowing terms and conditions, please head over to the lender’s website.

Latest Mortgage Rates: TD Bank Home Loan Rates This Friday

Admin — Fri, 24 May 2013 18:15:42 +0000

Home purchase interest rates inched up this Friday at TD Bank (NYSE:TD) and refinance rates took the same direction. Looking at the lender’s most popular home loan offerings, the 30-year fixed loan is carrying a rate of 3.625%, up from the previous 3.500% from a day earlier. The 15-year version of this fixed loan can be locked in at 2.875%, higher than yesterday’s 2.750%. As far as TD Bank’s refinance rates are concerned, the 30-year fixed mortgage loan is coming out at 3.750%, also an uptick over the previous mortgage rate. Borrowers, who head over to Wells Fargo (NYSE:WFC) will see this loan being offered at 3.875%. Another major mortgage provider, Bank of America (NYSE:BAC) advertises this mortgage for refinancing at 3.875%. Coming back to TD Bank, the 15-year FRM, which is a popular choice among those who are into home refinancing, bears 3.000% in interest as of today. The flexible 7/1 adjustable rate mortgage (ARM) hovers at 2.988%, whilst the 5/1 ARM is on the books at 2.770%. For more information on today’s mortgage rates, please check the details below.

Borrowers who take a visit to TD Bank will see some excellent mortgage loans under the lender’s home purchase and refinance programs. Those who are looking to invest either in a new / used home or to refinance an existing loan, may find some suitable mortgage options at this bank.

TD Bank Home Purchase Rates

30-Year Fixed-Rate Mortgage: 3.625%, 3.680% APR
15-Year Fixed-Rate Mortgage: 2.875%, 2.972% APR

The rate information provided assumes the purpose of the mortgage loan is to purchase a property, an existing single family home to be used as a primary residence with a loan amount of $200,000 and an estimated property value of $250,000. The property is located in Framingham, MA. The interest rate reflects a 60 day rate lock period. The actual mortgage interest rate will depend on a number of factors including but not limited to loan type, credit profile, property type, appraised value, occupancy and loan size.

TD Bank Refinance Rates

30-Year Fixed-Rate Mortgage: 3.750%, 3.803% APR
15-Year Fixed-Rate Mortgage: 3.000%, 3.093% APR
7/1 Adjustable Rate Mortgage (ARM): 2.988%, 2.977% APR
5/1 Adjustable Rate Mortgage (ARM): 2.770%, 2.889% APR

The rate information provided assumes the purpose of the mortgage loan is to refinance an existing mortgage with a loan amount of $200,000 and an estimated property value of $250,000. The property is located in Framingham, MA. The interest rate reflects a 60 day rate lock period. The actual mortgage interest rate will depend on a number of factors including but not limited to loan type, credit profile, property type, appraised value, occupancy and loan size.

Please, note that the current interest rates may vary without prior notice from the lender and are subject to change based on location, geography and other terms and conditions. The annual percentage rates (APR) were made based on discount points, origination fees, average loan fees and closing costs.

For additional mortgage loan options, as well as information on borrowing terms and conditions, please visit the lender’s website.

Fixed Mortgage Rates: Chase Home Purchase and Refinance Mortgage Interest Rates Roundup

Admin — Fri, 24 May 2013 18:02:05 +0000

15-year mortgage rates took an upward movement on Friday at Chase (NYSE:JPM), under the lender’s home purchase and refinance loan programs. Presently, the 15-year fixed refinance mortgage is listed at 3.000%, which is higher than yesterday’s 2.875%. The standard 30-year fixed loan for mortgage refinancing can be had at 3.875%, unchanged since Thursday. Other top mortgage lenders, including Bank of America (NYSE:BAC), Citi Mortgage (NYSE:C) and Wells Fargo (NYSE:WFC) are also offering this type of loan at 3.875%. Shifting to Chase’s more flexible adjustable rate mortgages (ARMs), the 7/1 ARM is carrying a rate of 2.750%, the same starting rate that we have seen yesterday. The 5/1 ARM has remained firm as well, as it stands at 2.625%.

For full details on Chase’s home purchase and refinance mortgage rates, please check the data below. Chase offers excellent mortgage rates under both its home purchase and refinance programs, so those who are looking to invest either in a new / used home or to refinance an existing mortgage, may find some ideal loan options at this bank.

Chase Home Purchase Rates

30-Year Fixed-Rate Mortgage: 3.750%, 0.750 discount points, 3.811% APR
15-Year Fixed-Rate Mortgage: 3.000%, 0.875 discount points, 3.125% APR
7/1 Adjustable Rate Mortgage (ARM): 2.500%, 0.875 discount points, 2.805% APR
5/1 Adjustable Rate Mortgage (ARM): 2.250%, 0.875 discount points, 2.769% APR

Chase Refinance Rates

30-Year Fixed-Rate Mortgage: 3.875%, 1.250 discount points, 3.978% APR
15-Year Fixed-Rate Mortgage: 3.000%, 0.875 discount points, 3.125% APR
7/1 Adjustable Rate Mortgage (ARM): 2.750%, 0.875 discount points, 2.919% APR
5/1 Adjustable Rate Mortgage (ARM): 2.625%, 1.000 discount points, 2.907% APR

It should be noted, that the current mortgage interest rates may vary without prior notice from the lender and are subject to change based on location, geography and other terms and conditions. The annual percentage rates (APR) were made based on discount points, origination fees, average loan fees and closing costs.

Regarding U.S. mortgage applications, the Mortgage Bankers Association (MBA) released the results of its latest mortgage survey on Wednesday. According to the data, mortgage application activity in the U.S. tumbled 9.8% in the week ended May 17. Less Americans decided to file applications for home refinancing, as the Refinance Index edged down 11.7%. With regards to home purchase applications, the Purchase Index dipped 3%. The refinance share of total mortgage applications hovers at 74%, down from the previous 76%.

In other news, national average mortgage rates declined this week, mortgage-finance company, Freddie Mac reported on Thursday. The 30-year fixed mortgage now carries an average rate of 3.59%, up from the previous 3.51%. The 15-year FRM averaged a higher rate last week in the form of 2.77, Freddie Mac said.

For the latest information on current mortgage rates at Chase, as well as details on loan assumptions and borrowing terms and conditions, please head over to the lender’s website.

30-Year and 15-Year Fixed Mortgage Interest Rates at Citi Mortgage

Admin — Fri, 24 May 2013 17:51:17 +0000

15- year fixed refinance mortgage rates have worsened on Friday at Citi Mortgage (NYSE:C), according to the latest published rate information from the lender. The aforementioned refinance package is now carrying a rate of 3.000%, up from the previous 2.875%. The long-term 30-year fixed refinance loan is listed at 3.875%, unchanged since yesterday. At Bank of America (NYSE:BAC) the same mortgage loan is advertised at 3.875%, whilst at Branch Banking and Trust (NYSE:BBT) it’s coming out at 4.000%. Switching to Citi Mortgage’s current home purchase rates, the 30-year fixed home loan is quoted at 3.750%. Borrowers who are preferring the shorter-term, 15-year FRM, will see it being offered at 2.875% as of Friday. Below you can find more information on Citi Mortgage’s current home purchase and refinance loan offerings.

Citi Mortgage offers excellent mortgage rates under both its home purchase and refinance programs, so those who are looking to invest either in a new / used home or to refinance an existing loan, may find some ideal mortgage packages at this bank.

Citi Mortgage Home Purchase Rates

30-Year Fixed-Rate Mortgage: 3.750%, 1.125 discount points, 3.941 APR
15-Year Fixed-Rate Mortgage: 2.875%, 1.250 discount points, 3.226% APR

Citi Mortgage Refinance Rates

30-Year Fixed-Rate Mortgage: 3.875%, 1.000 discount points, 4.041% APR
15-Year Fixed-Rate Mortgage: 3.000%, 1.000 discount points, 3.288% APR

Please, bear in mind, that the current mortgage interest rates may vary without prior notice from the bank and are subject to change based on location, geography and other terms and conditions. The annual percentage rates (APR) were made based on discount points, origination fees, average loan fees and closing costs.

In other news, mortgage application activity declined, according to the results of the Mortgage Bankers Association’s (MBA) latest weekly survey. The MBA reported on Wednesday that the seasonally adjusted Market Composite Index tumbled 9.8% in the week ended May 17. The Refinance Index slumped 11.7%, while the Purchase Index edged down 3% in the said period. The share of refinance applications out of total mortage activity took a downward movement last week and now it stands at 74%, according to the MBA.

Regarding national average mortgage rates, Freddie Mac said on Thursday that the average rate on the 30-year fixed loan increased to 3.59% this week, versus the previous 3.51%. As for the 15-year fixed mortgage, the average rate surged to 2.77% this week, the mortgage-finance company added.

For more information on Citi Mortgage’s home purchase and refinance mortgage rates, loan assumptions and borrowing terms and conditions, please take a visit to the lender’s website.

Today’s Mortgage Rates: BB&T Fixed, VA and FHA Mortgage Interest Rates

Admin — Fri, 24 May 2013 17:34:07 +0000

On Friday, mortgage interest rates on fixed rate loans have stayed intact at Branch Banking and Trust (NYSE:BBT), the latest published rate information from the lender revealed. As far as BB&T’s current home purchase loans are concerned, the 30-year fixed mortgage is quoted at 3.875%. This long-term home mortgage deal is offered by Citi Mortgage (NYSE:C) at a rate of 3.750%. Another lender, TD Bank (NYSE:TD) advertises this home loan package at 3.625%. Mortgage shoppers who are more interested in BB&T’s shorter, 15-year fixed mortgage, will see a rate of 2.875%. The starting rate on the lender’s 30-year fixed FHA-backed loan was lowered this Friday and now it carries 3.125% in interest. The 30-year fixed VA loan has followed suit, as it now bears a lower rate in the form of 3.125%. For complete details on BB&T’s current mortgage interest rates, please check the data below.

Branch Banking and Trust has been offering excellent mortgage rates under both its home purchase and refinance programs, so those who are looking to invest either in a new / used home or to refinance an existing loan, may find some ideal mortgage packages at this lender.

BB&T Home Purchase Rates

30-Year Fixed Mortgage: 3.875%, no discount points, 3.942% APR
20-Year Fixed Mortgage: 3.500%, 0.375 discount points, 3.635% APR
15-Year Fixed Mortgage: 2.875%, 0.375 discount points, 3.046% APR
10-Year Fixed Mortgage: 2.750%, 0.250 discount points, 2.972% APR
30-Year Fixed VA Mortgage: 3.125%, 3.625 discount points, 3.484% APR
30-Year Fixed FHA Mortgage: 3.125%, 3.625 discount points, 3.635% APR

The rate information provided assumes the purpose of the mortgage loan is to purchase a property, an existing single family home to be used as a primary residence with a loan amount of $200,000 and an estimated property value of $250,000. The property is located in Washington, DC. The interest rate reflects a 60 day rate lock period. The actual mortgage interest rate will depend on a number of factors including but not limited to loan type, credit profile, property type, appraised value, occupancy and loan size.

BB&T Refinance Rates

30-Year Fixed Mortgage: 4.000%, 0.375 discount points, 4.099% APR
20-Year Fixed Mortgage: 3.750%, 0.250 discount points, 3.871% APR
15-Year Fixed Mortgage: 3.250%, no discount points, 3.367% APR
10-Year Fixed Mortgage: 3.000%, 0.250 discount points, 3.223% APR

The rate information provided assumes the purpose of the mortgage loan is to refinance an existing mortgage with a loan amount of $200,000 and an estimated property value of $250,000. The property is located in Washington, DC. The interest rate reflects a 60 day rate lock period. The actual mortgage interest rate will depend on a number of factors including but not limited to loan type, credit profile, property type, appraised value, occupancy and loan size.

Please, note that the current mortgage interest rates may vary without prior notice from the lender and are subject to change based on location, geography and other terms and conditions. The annual percentage rates (APR) were made based on discount points, origination fees, average loan fees and closing costs.

For more information on the latest mortgage rates at BB&T Bank, borrowing terms and conditions, as well as additional loan options, please check the lender’s website.

Bank of America Mortgage Rates: Current Home Purchase and Refinance Mortgage Interest Rates

Admin — Fri, 24 May 2013 17:21:35 +0000

The Charlotte-headquartered major U.S. mortgage lender, Bank of America (NYSE:BAC), is offering the 30-year fixed loan for home refinancing at a higher rate today in the form of 3.875%. A day earlier the mortgage rate for this loan was hovering at 3.750%. Looking at the same type of mortgage deal at other lenders, Wells Fargo (NYSE:WFC) is offering this loan at a rate of 3.875%. At another top mortgage provider, Chase (NYSE:JPM), the aforementioned mortgage deal for refinancing is up for grabs at 3.875%. Regarding the 15-year FRM at Bank of America, the current opening rate is 3.000%. Borrowers, who prefer refinancing an existing loan with the help of a more flexible mortgage package, should consider BofA’s 7/1 ARM, which is coming out at 2.625%. The 5/1 version of this loan is listed at 2.500% as of Friday. For full details on today’s refinance mortgage rates and home purchase loans at Bank of America, please check the data below.

Bank of America, one of the country’s largest mortgage lender, offers excellent interest rates under both its home purchase and refinance mortgage programs, so those who are looking to invest either in a new / used home or to refinance an existing mortgage, may find some suitable loan offerings at this bank.

Bank of America Home Purchase Rates

30-Year Fixed-Rate Mortgage: 3.750%, 0.826 discount points, 3.884% APR
15-Year Fixed-Rate Mortgage: 3.000%, 0.854 discount points, 3.240% APR
5/1 Adjustable Rate Mortgage (ARM): 2.125%, 1.202 discount points, 2.857% APR
7/1 Adjustable Rate Mortgage (ARM): 2.625%, 1.188 discount points, 2.985% APR

Bank of America Refinance Rates

30-Year Fixed-Rate Mortgage: 3.875%, 0.788 discount points, 4.006% APR
15-Year Fixed-Rate Mortgage: 3.000%, 1.079 discount points, 3.273% APR
5/1 Adjustable Rate Mortgage (ARM): 2.500%, 0.981 discount points, 2.968% APR
7/1 Adjustable Rate Mortgage (ARM): 2.625%, 1.163 discount points, 2.983% APR

Regarding U.S. mortgage applications, an industry group published the results of its weekly mortgage application activity survey on Wednesday. According to the Mortgage Bankers Association’s (MBA) findings, mortgage activity in the U.S. declined 9.8% in the week ended May 17. Due to rising mortgage rates less Americans decided to take out debt for home purchase and refinancing. Demand for refinance applications declined 11.7%, while the Purchase Index slumped 3% in the said period. The refinance share of total mortgage applications dipped to 74% from the previous 76% that it held a week earlier, the MBA said. Among refinance applications the HARP share rose to 32% from 30% that it carried in the prior week

According to the MBA, the average contract interest rate for the 30-year fixed mortgage edged up to 3.78%, an 11 basis points increase since the previous week. The 15-year FRM has followed the same path, as the average rate on this loan rose to 2.96% from the previous 2.88%.

As for national average mortgage rates, Freddie Mac reported this Thursday that the 30-year fixed loan rose to 3.59%, up from the previous 3.51% that it had a week earlier. On the other hand, the interest rate on the shorter-term 15-year FRM has advanced as well, and now it stands at 2.77%. A week earlier this loan was carrying a rate of 2.69%. The 5-year Treasury-indexed hybrid adjustable rate mortgage (ARM) currently stands at 2.63%, higher than last week’s 2.62%. As for the 1-year ARM, its averaged 2.55% this week, which is the same rate that it held last week.

For more information on current home purchase and refinance mortgage interest rates at Bank of America, as well as details on borrowing terms and conditions and loan assumptions, please take a visit to the lender’s website.

Gas Prices Increase in Pacific Northwest Ahead of Memorial Day Weekend

Admin — Thu, 23 May 2013 22:40:48 +0000

The past few days have seen gas prices shoot up rapidly in several Midwest states, including Nebraska, Minnesota and Iowa, but average prices per gallon have also been on the rise in other parts of the U.S., such as the Pacific Northwest.

In Portland, Ore., the average price per gallon for regular unleaded gas went up to $3.97 on Tuesday, which is still less than the $4.20 price per gallon from the same time last year. The same can be said about gas prices in Vancouver, Wash., which edged up to $3.98 but remained far removed from the year-ago price per gallon of $4.24.

The national average as of Tuesday is $3.65 per gallon, about one penny more expensive year-over-year, and 14 cents less than 2011’s national average. The surge in gas prices in recent days and weeks has been spurred on by supply constraints and refinery shutdowns in many parts of the U.S., including the Pacific Northwest.

There is a chance that gas prices will move back down sometime in June, once Memorial Day is all over and done with. But for the rest of May, gas prices are expected to remain high in many parts of the U.S.

According to AAA of Oregon and Idaho spokeswoman Marie Dodds, spot prices in the Pacific Northwest “show some weakness” this week, but there may be some issues that could lead to another spike in prices. Ms. Dodds also noted that increased crude prices are another variable causing gasoline prices to trend upwards across the United States.

30-Year Mortgage Rates Up for Third Straight Week on Zillow Mortgage Marketplace

Admin — Thu, 23 May 2013 22:28:13 +0000

Interest rates on 30-year fixed-rate mortgages were up for a third straight week on the Zillow Mortgage Marketplace, as rates jumped up ten basis points from 3.48 percent to 3.58 percent. Average rates had fluctuated between 3.46 percent and 3.56 percent before settling at 3.58 percent as of Tuesday morning. Fifteen-year fixed-rate mortgage rates closed at 2.70 percent, while 5-1 adjustable-rate mortgages, or ARMs, were at 2.30 percent in Zillow’s Mortgage Marketplace results for the week.

According to Zillow Mortgage Marketplace director Erin Lantz, mortgage rates had climbed to their highest levels since March amid continued signs of an improving U.S. economy. “Looking ahead, we expect rates will remain fairly flat as markets wait for upcoming Fed meeting minutes to verify whether the QE3 stimulus program will be scaled back earlier than expected,” forecasted Ms. Lantz, who continues to believe that rates will remain steady going forward.

Looking at individual markets, mortgage rates in California, Illinois, Massachusetts and New York all saw double-digit climbs from the previous week. Average 30-year fixed rates in Illinois climbed from 3.48 percent to 3.62 percent, a rise of 14 basis points, while rates in California were up 13 basis points from 3.48 percent to 3.61 percent.

In Massachusetts and New York, the 30-year fixed-rate home loan was up from 3.46 to 3.57 percent and 3.48 to 3.58 percent respectively. Significant gains were also reported in the states of New Jersey, Texas, Pennsylvania and Washington.