The Best Jim Clooney Site
  • Home
  • Blog
  • Links

Mortgage rates hold steady

8/8/2013

0 Comments

 
Mortgage rates held steady this week, according to the latest data released by Freddie Mac.

Following July’s weak jobs report, the 30-year fixed-rate average moved up slightly, rising to 4.4 percent with an average 0.7 point. It was 4.39 percent a week ago and 3.59 percent a year ago. Since rising to a two-year high of 4.51 percent a month ago amid concerns that the Federal Reserve would back off its bond-buying program, the 30-year fixed rate has fluctuated between 4.31 percent and 4.4 percent.

The 15-year fixed-rate average remained unchanged from last week at 3.43 percent with an average 0.7 point. It was 2.84 percent a year ago. The 15-year fixed rate has averaged above 3 percent since early June.

Hybrid adjustable rate mortgages were mixed. The five-year ARM went up to 3.19 percent with an average 0.5 point. It was 3.18 percent a week ago. The one-year ARM fell to 2.62 percent with an average 0.3 point. It was 2.64 percent last week.

“Even though the unemployment rate fell to 7.4 percent in July, which was the lowest since December 2008, the economy added only 161,000 jobs, short of the market consensus forecast,” Frank E. Nothaft, Freddie Mac vice president and chief economist, said in a statement. “In addition, revisions subtracted 26,000 workers in the prior two months. Finally, hourly wages fell 0.1 percent in July, representing the first decline since October 2012.”

Meanwhile, mortgage applications also showed little movement, according to the latest data from the Mortgage Bankers Association.

The Market Composite Index, a measure of total loan application volume, inched up 0.2 percent from the previous week. The Refinance Index was unchanged, while the Purchase Index grew only 1 percent.

The refinance share of mortgage activity hasn’t moved in a month. Since sinking to its lowest level in 27 months four weeks ago, it has remained at 63 percent of total applications.

Source: http://www.washingtonpost.com/blogs/where-we-live/wp/2013/08/08/mortgage-rates-hold-steady/
0 Comments



Leave a Reply.

    Author

    • Jim Clooney on Gather
    • Jim Clooney - Listal
    • Jim Clooney's Blog
    • Jim Clooney | WordPress
    • Jim Clooney on Quora
    • Jim Clooney's Twitter Page
    • Jim Clooney CO
    • Jim Clooney WS
    • Jim Clooney Tennis
    • Jim Clooney - Bigsight
    • James Clooney
    • Total SAI - Jim Clooney

    Archives

    April 2014
    January 2014
    December 2013
    November 2013
    October 2013
    September 2013
    August 2013
    July 2013

    Categories

    All
    Adjustable Rate Mortgages
    Heloc
    Home Prices
    Home Sales
    Housing Market
    Housing Market
    Interest Rates
    James Clooney
    Jim Clooney
    Mortgage
    Mortgage Facts
    Mortgages
    Refinance
    Reverse Mortgages
    Rising Rates
    Tennis
    Total Solutions Advisors Inc
    Underwater Mortgages
    Underwater Mortgages
    Wimbledon

    RSS Feed

    Links
    • Jim Clooney on Gather
    • Jim Clooney - Listal
    • Jim Clooney's Blog
    • Jim Clooney | WordPress
    • Jim Clooney on Quora
    • Jim Clooney's Twitter Page
    • Jim Clooney CO
    • Jim Clooney WS
    • Jim Clooney Tennis
    • Jim Clooney - Bigsight
    • James Clooney
    • Total SAI - Jim Clooney


Powered by Create your own unique website with customizable templates.