Mortgage Rates Going Back to 1900: We are at lowest EVER

I love big picture charts that cover more time than just a couple years. This chart shows you mortgage interest rates from the year 1900. We are essentially at the lowest ever today in 2016, at 3.5%.

Hard to believe just in 2008 rates were 6.5% - that's a $500 DIFFERENCE IN MONTHLY PAYMENT!

Imagine the late 70's and early 80's, at 19%! Buying an $89,000 home back then would be the same monthly payment as buying a $212,000 today! If you are looking to buy now is the time. Don't cry to me when rates go up in the next few years!

Interest Rates Graph Since 1971

Check out this interest rates graph charting rates from 1971 until today. The 70's and 80's were not a fun time to buy, with rates going north of 18%! Even up until 2009 rates were 6.5%. Today they are sitting right at 4% for a 30 year fixed mortgage, and 3.19% for a 15 year fixed. 

How Low are Mortgage Rates Now?

How about....never been lower in U.S. history!

The 30-year fixed-rate mortgage averaged 3.87 percent this week, matching last week’s all-time record low. As for other rates, they ticked up slightly this week, but still hovered around record lows compared to historical standards, Freddie Mac reports in its weekly mortgage market survey. 

“A strong January employment report added upward pressure to most mortgage rates this week,” Frank Nothaft, Freddie Mac’s chief economist, said. The unemployment rate dropped to 8.3 percent as the economy gained 243,000 jobs last month, the largest gain since April 2011. 

Here’s a closer look at rates for the week ending Feb. 9: 

• 30-year fixed-rate mortgages: averaged 3.87 percent, with an average 0.8 points. A year ago at this time, 30-year rates averaged 5.05 percent. 
• 15-year fixed-rate mortgages: averaged 3.16 percent, with an average 0.7 point, rising slightly from last week’s record low of 3.14 percent. But 15-year rates were still far below what they averaged a year ago at this time — 4.29 percent.
• 5-year adjustable-rate mortgages: averaged 2.83 percent, with an average 0.7 point, rising from last week’s 2.80 percent average. Last year at this time, 5-year ARMs averaged 3.92 percent. 
• 1-year ARMs: averaged 2.78 percent, with an average 0.6 point, rising slightly from last week’s 2.76 percent average. A year ago, 1-year ARMs averaged 3.35 percent. 

Source: Freddie Mac

Where are Mortgage Rates Right Now?

In Freddie Mac's results of its Primary Mortgage Market Survey®, the average fixed mortgage rates changing little and remaining near their historic lows helping to keep home buyer affordability high. The 30-year fixed mortgage has averaged at or below 4.00 percent for the fifth consecutive week while the 15-year fixed has hovered around 3.30 percent. Additionally, adjustable-rate mortgages ticked down slightly averaging new record lows for the second straight week.

30-year fixed-rate mortgage (FRM) averaged 4.00 percent with an average 0.7 point for the week ending December 1, 2011, up from last week when it averaged 3.98 percent. Last year at this time, the 30-year FRM averaged 4.46 percent. 

15-year FRM this week averaged 3.30 percent with an average 0.8 point, the same from last week when it averaged 3.30 percent. A year ago at this time, the 15-year FRM averaged 3.81 percent. 

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.90 percent this week, with an average 0.6 point, down from last week when it averaged 2.91 percent. A year ago, the 5-year ARM averaged 3.49 percent.

Source: Realty Times

Mortgage Rates Hold Steady!

Lots of buyers are still taking advantage of the SUPER LOW mortgage rates right now. Believe me, in a year or two, you will be crying to me saying, "Jonathan why didn't you tell me how low interest rates really were?!"

This week: 30-year fixed-rate mortgage (FRM) averaged 4.11 percent with an average 0.8 point for the week ending October 20, 2011, down from last week when it averaged 4.12 percent. Last year at this time, the 30-year FRM averaged 4.21 percent.
15-year FRM this week averaged 3.38 percent with an average 0.8 point, up from last week when it averaged 3.37 percent. A year ago at this time, the 15-year FRM averaged 3.64 percent.

Mortgage Rates down to 4.25% for 30 year!

Although mortgage rates have remained steady for several weeks, economic stress here in the U.S. and abroad in Europe is putting enough pressure on investors who are seeking safety and driving MBS prices higher. Freerateupdate.com's daily survey of wholesale and direct lenders show that, except for jumbo 30 year fixed mortgage rates, all other mortgage rates have remained stable for the past week. Current 30 year fixed mortgage rates are at 4.250%, 15 year fixed mortgage rates are at 3.500% and 5/1 adjustable mortgage rates are at 2.750%.
While good credit is necessary to receive these low mortgage rates with 0.7 to 1% origination fee, verification of information and applicable documentation is also necessary to receive lender approval. Lingering low mortgage rates remain a great deal for borrowers who can meet these qualifications.

FHA continues to be the leader for lending these days with its low down payment requirements and easier credit qualifying. Remaining steady over the week, FHA 30 year fixed mortgage rates are at 4.250%, FHA 15 year fixed mortgage rates are at 3.750% and FHA 5/1 adjustable mortgage rates are at 3.000%. FHA provides mortgage insurance on loans and is the largest mortgage insurer in the world. Although FHA mortgages may require more documentation, FHA policy is consumer friendly by allowing gifts and housing grants to be combined with FHA mortgage loans. Although FHA closing costs (APR) tend to be higher because of the upfront mortgage insurance premium and other FHA fees, the benefits of FHA mortgages cannot be obtained with other loans.
Jumbo 30 year fixed mortgage rates fluctuated this past week and currently are at 5.000%. Jumbo 15 year fixed mortgage rates are at 4.500% and jumbo 5/1 adjustable mortgage rates are at 3.625%. Jumbo mortgages are not government insured and tend to be considered risky. For that reason, borrowers must have excellent credit and the necessary documentation to obtain these low jumbo mortgage rates with 0.7 to 1% origination point. The market for jumbo mortgage loans is not currently over stressed since the temporary increase to conforming loan limits. This may change come October if the conforming loan limit is dropped to the original limits, which may cause an overload to the jumbo mortgage market.

Today's Killer Mortgage Rates Beat Tax-Credit Benefits...by $25,000!

Homebuyers today can potentially save several times more money in interest costs than buyers who took out a mortgage in early April and claimed an $8,000 homebuyer tax credit.  Someone taking out a $240,000 mortgage today at a 4.42% (and right now they're at 4.25%) interest rate could save $33,287 in interest costs over the life of a 30-year loan.  That's four times the $8,000 credit used by a first-time homebuyer who financed at 5.21% in early April.  


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30-year mortgage rates hit another low: 4.44%

USA Today reported that mortgage rates sank to the lowest level in decades this week, pushed down by the Federal Reserve's move to buy up government debt to help lift the economic recovery.

Mortgage buyer Freddie Mac said Thursday that the average rate for 30-year fixed loans this week was 4.44%, down from 4.49% last week. That's the lowest since Freddie Mac began tracking rates in 1971.

 

AID: Feds rethink policies that encourage home ownership

The average rate on the 15-year fixed loan dropped to 3.92% from 3.95%, also the lowest on record.

Rates have fallen since spring as investors sought the safety of Treasury bonds, lowering their yield. Mortgage rates tend to track those yields.

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Record-low mortgage rates boon for housing

Mortgage rates fell this week to the lowest level on record, motivating consumers to lock in low payments for home purchases and refinanced loans. It's the best news the market has seen since the tax credits expired. The average rate for 30-year fixed- rate loans dropped to 4.69%, Freddie Mac said Thursday. The high-end market is seeing a surge in sales as a result of the lower interest rates. A year ago, the rate for a jumbo loan ranged from 6.25% to 6.75%. Today, it's about 5.75% for a 30-year fixed-rate. Read full article:
http://www.denverpost.com/business/ci_15371813