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Source: businessinsider.com
Video: Chart: 30 Year Fixed Rate Mortgage
Check Out These Mortgage Rate Charts from the Early 1900s
From about 1920 until 1934, conventional mortgage rates averaged close to 6%, and then began to decline to a low point of just under 4.5%. This is probably the reference point the media uses when they say rates haven’t been this low in 60 years.
Source: thetruthaboutmortgage.com
Should Homebuyers Be Worried About Rising Mortgage Rates?
But don’t dwell on missed opportunities; your concern is the future. Mortgage rates—which, by the way, are still historically low—will probably keep rising, predicts Greg McBride, a senior financial analyst at the online mortgage tracker Bankrate. That’s because the economy is rebounding, and “a stronger economy means higher rates,” McBride says.
Source: chicagomag.com
Vital Signs Chart: Mortgage Rates at 14
Mortgage rates are rising. During the first week of the month, interest on a 30-year fixed-rate mortgage climbed to 4.15%, the highest level since March 2012. That increase has slowed refinancing, but applications for loans to purchase homes remain up by 14% from a year earlier. Still, almost 70% of applications were to refinance homes, not purchase properties.
Source: wsj.com
Chart That Scares The Federal Reserve
The rise in mortgage rates has been driven by concerns about when the Federal Reserve will begin to slow its $85-billion-a-month bond purchase program, which is designed to keep interest rates low. Those fears have sparked a sell-off in the Treasury market, which has caused yields on fixed income instruments of all shapes and sizes – including mortgages – to rise.
Source: businessinsider.com
Mortgage Applications Decline 13th Time in 15 Weeks; Are Mortgage Rates Cheap? What’s Next Housing?
Yet, with rising rates, the drop in affordability, the pent-up demand to buy declining, and the decline in the number of applications, don’t expect too much more (if any), rise in home values. And don’t expect mortgage applications to break this trend either.
Source: safehaven.com
Chart of the Week: Kiss 3% Mortgage Rates Goodbye?
With the economy no longer in flux, the Federal Reserve (Fed) could potentially stop propping up the housing market—which has experienced a sort of revival in recent months. The Fed has kept interest low by buying $85 billion a month in U.S. Treasury bonds and mortgage-backed securities. This program has enabled mortgage lenders to sell loans at low interest rates and then recoup their money with a profit. The improving economy might propel the Fed to scale back their purchases, which will then create a tailwind for interest rates to increase.
Source: americancenturyblog.com
For Buyers:The Financial Opportunity of a Lifetime?
There are a growing number of people who think that our mortgage industry should imitate those of other industrial countries around the world. If we do start limiting government support for the mortgage process, the 30-year-fixed-rate mortgage may disappear. Other countries, like Canada, only allow a purchaser to lock in a rate for a five year term. After that, the borrower must renegotiate a new mortgage at current rates. Could that happen here?
Source: keepingcurrentmatters.com