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Hello neighbors,

It finally happened, the trend of the falling mortgage rates was rudely interrupted with a rise of the 30-year FRM and the 5-year adjustable rate mortgage.

According to Freddie Mac's Primary Mortgage Market Survey, for the week ending September 9th, the 30-year FRM reported an average 4.35 percent with an average point of 0.7. This number was an increase from the previous week's average of 4.32 percent. In comparison to a year ago at this time, the average for the 30-year FRM was 5.07 percent.

As for the 15-year FRM, there was a continued and unchanged record low of 3.83 percent and an average 0.6 point. A year ago the 15-year FRM was averaging 4.50 percent at this time.

Like the 30-year FRM, the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) experienced an increase with an average 3.56 percent and an average point of 0.6 in comparison to last week's average of 3.54 percent. Last year during this time, the 5-year ARM was averaging 4.51 percent.

Lastly, the 1-year Treasury-indexed ARM kept the falling trend with an average 3.46 percent and an average point of 0.7 from the previous week's average of 3.50 percent. Last year at this time, the average was 4.64 percent.

Mortgage Rates Continue to Decline Marking the 11th Consecutive Week

by the zac team at Ponce Realty

Greetings neighbors,

Continuing to follow the record low trend; 30-year FRM's hit another low for the 11th week in a row according to the Primary Mortgage Market Survey produced by Freddie Mac.

For the week ending Sept. 2nd, the 30-year FRM came in at 4.32% with an average origination point of 0.7 which is down from the previous week's average of 4.36% and last year's average of 5.08% at this time.

As for the 15-year FRM, there was a record low of 3.83% and an average origination point of 0.6. This number was also down from last week's average of 3.86% as well as last year's average of 4.54%.

This week's 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) came in with an average of 3.54% with an average 0.6 point in comparison to last week's average of 3.56% and last year's average of 4.59%.

Lastly, the 1-year Treasury Indexed ARM came in at 3.50% with an average 0.7 point. This averaged also proved to be less than last week's average of 3.52% and last year's average of 4.62% at this time.

Freddie Reports Mortgage Rates Produce Record Lows Yet Again

by the zac team at Ponce Realty

Hello neighbors,

As for this week's mortgage rates, according to Freddie Mac, the 30-year fixed rate mortgage fell yet again creating record lows for the week ending today producing an average 4.36% with an average point of 0.7. Last week, the average rate for the 30-year fixed rate mortgage came in at 4.42%.

The 15-year fixed rate mortgage produced an average of 3.86% and average 0.6 point, which was also down from the previous week's average of 3.90%.

In addition, Freddie Mac reported an average 3.56% and average 0.6 point for the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) this week. This number is unchanged from last week's average.

Lastly, the 1-year Treasury-indexed ARM produced a weekly average of 3.52% with an average 0.7 point. This number showed a slight decrease from last week's average of 3.53%.

Mortgage Rates Continue to Follow the Same Path for the Ninth Straight Week

by the zac team at Ponce Realty

Greetings neighbors,

Looks like mortgage rates around the country continue to fall as well as break record lows.

According to Freddie Mac's weekly survey, the number for 30-year fixed rate mortgages experienced yet another drop, settling at 4.42% which is a record low for the week ending today.

As for the 15-year fixed rate mortgage around the country, this week's number remained unchanged from last week's 3.9%.

U.S. mortgage rates have experienced significant drops for nine straight weeks.

Mortgage Refi Rates Hit their Highest Levels Since Last Spring

by the zac team at Ponce Realty

Hello neighbors,

According to a recent survey by the Mortgage Bankers Association (MBA), the act of mortgage refinancing rose 17.1% last week. With the recent rise, mortgage refinancing make-up 81.4% of the total number of mortgage applications.

This number has also proven to be at its highest level since May 2009 as well as the refinancing share of overall mortgage applications being at its highest since last January.

As many who follow the real estate market may recall, mortgage rates began hitting all time lows during the early part of the year and continue to break records with 15-year fixed rate mortgages currently below 4% and 30-year fixed rates averaging between 4.25% -4.5%.

In addition, there was a 13% rise in the MBA's seasonally adjusted market composite index in comparison to the previous week. As for the seasonally adjusted purchase index, there was a decline of 3.4% when compared to the previous week and 38.6% lower than last year's number.

Fixed Mortgage Rates Continue to Set Record Lows

by the zac team at Ponce Realty

Greetings neighbors,

Following the trend in recent weeks, mortgage rates set new record lows yet again for the 8th week in the row according to Freddie Mac's Primary Mortgage Market Survey.

According to Freddie's survey for the week ending today, August 12th, 30-year FRM's came in at an average rate of 4.44% with an average 0.7 origination point. This number showed a decrease from last week's average of 4.49% and last year's average of 5.29%.

In addition, the survey showed a decrease in 15-year FRM's as well with an average rate of 3.92% and an average point of 0.6 when compared to last week's average of 3.95%. This number is also lower than last year's average of 4.68%.

The 5-year ARM came in this week averaging 3.56% with an average origination point of 0.7 in comparison to last week's 3.63% and last year's average of 4.75%.

Last but not least, the one-year Treasury-indexed ARM came in at 3.53% with an average point of 0.7 on the weekly survey in comparison to 3.55% last week. This time last year, the one-year Treasury-indexed ARM averaged 4.72%.

How Low Will They Go? Mortgage Rates Continue to Decline Nationally

by the zac team at Ponce Realty

Greetings neighbors,

We continue to see record lows in mortgage rates throughout the country. According to recent numbers reported by Zillow, their weekly update showed that the 30-year FRM dropped from week to week nationally and hit an average of 4.28%. In comparison to last week's number, the current rate is down 0.1% producing another record low yet again.

Regionally, most of the 50 states witnessed a drop in mortgage rates.

In addition, Zillow reported a national average of 3.85% for 15-year fixed home loans while the rate of 5-1 adjustable-rate mortgage ARM came in at 3.27%.

Financial Reform and its Future Impact on U.S. Homeowners and Buyers

by the zac team at Ponce Realty

Hello neighbors,

It seems that financial reform may have an impact on both home buyers and owners alike in the future. With the recent passing of the massive reform law, take a look at two main components that have potential to make a major impact.

Harder to Qualify for a Mortgage:

The new law governs certain guidelines that lenders must follow when making loans. Now that these guidelines are actually written into law, lenders may find it even more difficult to loosen them once the economy and housing market gets back on track. Under the new law, lenders are required to document the borrower's income. However, this new law does not specify the terms under which the loan can be made. With that being said, lenders may be persuaded to tighten their guidelines to stay within the safe zone of the new law.

Higher Mortgage Rates:

There are a couple of sections within the new law that will increase future mortgage rates. The new law will require lenders to maintain a 5% stake in loans they originate unless those loans meet a particular criteria. With that being said, lenders will not be able to remove some of the higher risk affiliated with these loans. In addition, this will cause the interest rates on these types of loans to increase.

Despite these factors, there are positive attributes to the bill such as consumer protections relating to pre-payment penalties. In addition, with mortgage rates being at record lows, buyers should take advantage now and get qualified for a mortgage opposed to waiting and being affected by the above mentioned components of the new law in the future.

30-Year Fixed Rate Mortgage Falls Again According to Freddie Mac's Weekly Survey

by the zac team at Ponce Realty

Greetings neighbors,

Freddie Mac recently released it's weekly Primary Mortgage Market Survey for the week ending July 8th. According to Freddie's survey, the 30-year fixed rate mortgage is continuing to mark an all time low averaging 4.57% with an average 0.7 point which is down from last week's low of 4.58%. Last year's 30-year FRM averaged 5.20%.

As for this week's 15-year FRM, the survey showed an average of 4.07% with an average 0.7 point which is actually up from last week's average of 4.04%. This time last year, the 15-year FRM averaged 4.69%.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) this week averaged 3.75% with a 0.7 point which also showed a decrease from last week's average of 3.79% and last year's average of 4.82%.

Last but not least, the 1-year Treasury-indexed ARM averaged 3.75% with 0.7 point on this week's survey which is also down from last week's average of 3.80% . Last year's average for the 1-year ARM was 4.82%.

With the continuing decline of mortgage rates, refinance activity will become even stronger.

30-Year Fixed Mortgages Still Holding Steady at an All Time Record Low

by the zac team at Ponce Realty

Hello neighbors,

Looks like mortgage rates are still holding pretty steady with the conventional 30-year fixed rate at 4.25% with a 1 point origination for well qualified borrowers according to FreeRateUpdate.com. In addition, 15-year financing came in at 3.75%. Both of these interest rates are at all time record lows.

As for the jumbo 30-year fixed mortgage rate, recent data showed 5.25% accounting for another all time record low.

Current rates for FHA loans are also looking pretty good according to recent numbers.

Although rates are at their lowest in 50 years, home buying is still lagging behind after the expiration of the tax credit.

Displaying blog entries 1-10 of 15

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Photo of Zac Pasmanick  Real Estate
Zac Pasmanick
RE/MAX Metro Atlanta Cityside
1189 S. Ponce de Leon Avenue
Atlanta GA 30306
Office: 404-564-7272

 

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