Home Loan Mortgage Refinance Loan | Fixed Mortgage Rates Hit New ...

Browse >
Home / Mortgage / Home Loan Mortgage Refinance Loan | Fixed Mortgage Rates Hit New Lows, But Sales Stay Weak

Freddie Mac said Thursday that the average rate on the 30-year loan fell to 4.61 percent. That?s down from 4.63 percent since mid-December.

The average rate on the 15-year fixed mortgage slipped to 3.80 percent from 3.82 percent. That marked the lowest point since late November.

Rates track the yield on the 10-year Treasury note, which fell to the lowest level of the year.

Low rates haven?t been enough to jump-start the weak housing market. Fewer people bought previously occupied homes in April, the National Association of Realtors said Thursday. Sales fell to a seasonally adjusted annual rate of 5.05 million units, far below the 6 million homes a year that economists consider a healthy market.

However, the number of borrowers looking to refinance is now at the highest level since the second week of December, according to the Mortgage Bankers Association. Refinance activity has increased 33 percent over the last five weeks.

Make Money Taking Surveys. Make $40 to $160 Per Hour Just By Sharing Your Opinion With Marketing Giants Like Burger King, Pepsi, Sony and Coca-Cola * Start Today and get paid in as little as 7 days * It is Easy! No selling, no phone calls, no hassles * Work from home, as much or as little as you want * But You Must Hurry! Positions are going fast. Read More: Visit Publisher Site

Despite the gains, refinancing is only at half the level it reached in the fall of last year when mortgage rates fell to record lows. The rate on the 30-year home loan hit a four-decade low of 4.17 percent in November. The 15-year mortgage rate reached 3.57 percent that same month.

?We?re not seeing a (refinancing) boom by any means,? said Pava Leyrer, president of Heritage National Mortgage in Michigan.

She said many borrowers refinanced when rates were lower last year.

Others don?t have enough equity in their homes because values have fallen too much or their credit isn?t polished enough for them to qualify.

And those who may shave off a percentage point or more from their mortgage rate face higher closing costs this year because of a recent fee increase for appraisals and title insurance and other costs.

?If it?s purely a rate decision, the difference needs to be 1 1/2 percentage points,? said Ritch Workman, co-owner of Workman Mortgage in Melbourne, Fla.

Workman has noticed an uptick in applications for purchase mortgages. Would-be buyers are taking advantage of low rates and declining home prices.

To calculate average mortgage rates, Freddie Mac collects rates from lenders across the country on Monday through Wednesday of each week. Rates often fluctuate significantly, even within a single day.

The average rate on a five-year adjustable-rate mortgage rose to 3.48 percent from 3.41 percent. The five-year adjustable-rate loan hit 3.25 percent last month, the lowest rate on record.

The average rate on a one-year adjustable-rate loan also increased to 3.15 percent from 3.11 percent, the lowest level for the rate in the last year.

Subscribe to Detroit News home delivery and receive a SPECIAL INTRODUCTORY OFFER.

Click here to view rest of article from original site

Source: http://silvager.com/home-loan-mortgage-refinance-loan-fixed-mortgage-rates-hit-new-lows-but-sales-stay-weak/

jimmy page fox sports slv soe abigail breslin sony online entertainment jordan