Smart Borrower Blog

Archive for the ‘Mortgage Rates’ Category

Refinances Take Off as Mortgage Rates Tank

Aug 14th, 2019 @ 1:12 PM by Amber Nelson

In the wake of the plummeting interest rates, U.S. mortgage borrowers rushed to refinance in the latest week, according to the Mortgage Bankers Association. The MBA’s seasonally adjusted mortgage volume index rose 21.7% this week from the week before and 81% from the year before. Most of that growth came from an explosion in refinance […]

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Fed Makes First Rate Cut in a Decade

Jul 31st, 2019 @ 9:17 PM by Amber Nelson

The Federal Reserve voted today to lower its target interest rate by 25 basis point to a range of 2% to 2.25%, the first rate cut in 11 years. The Fed’s Federal Open Market Committee (FOMC) found that “the [U.S.] labor market remains strong and that economic activity has been rising at a moderate rate,” […]

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Mortgage Applications Stall as Rates Increase

Jul 3rd, 2019 @ 10:23 PM by Amber Nelson

Long-term U.S. mortgage interest rates rose in the latest week, according to data from Freddie Mac, without having much effect on home loan application volume. The average rate on a 30-year fixed-rate mortgage rose to 3.75% with 0.6 point, up from 3.73% the week before. One year ago, the average rate was much higher at […]

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Mortgage Rates Halt Decline in Latest Week

Jun 13th, 2019 @ 1:50 PM by Amber Nelson

As investor fears about international trade lessened, long-term U.S. mortgage interest rates held steady in the latest week after falling for the previous six, according to Freddie Mac. The average rate on a 30-year fixed rate mortgage (FRM) was 3.82%, with an average 0.6 point during the week ended June 13, 2019, unchanged from the […]

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Mortgage Originations Tumble to 5-Year Lows

May 15th, 2019 @ 11:58 AM by Amber Nelson

Even though mortgage interest rates have remained near record lows, total new mortgage originations fell to a 5-year low during the first quarter of 2019, according to data from the Federal Reserve Bank of New York. Total originations dropped $60 billion from the previous quarter to $344 billion, the lowest level since the third quarter […]

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Home Purchase Requests Jump to 9-Year Record High

Apr 17th, 2019 @ 9:30 PM by Amber Nelson

Even as interest rates continued to climb, the number of applications for home purchases rose to the highest level since April 2010, according to the Mortgage Bankers Association. Total mortgage application volume decreased 3.5% during the week ended April 17, 2019, but was up 14% from the previous year. Home purchase requests rose 1% in […]

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Mortgage Applications Fall Despite Interest Rate Drop

Feb 6th, 2019 @ 10:43 AM by Amber Nelson

Mortgage application volume fell for the third consecutive week, even as interest rates took a dive, according to the Mortgage Bankers Association. The MBA’s seasonally adjusted index saw mortgage application requests fall by 2.5% in the latest week and almost 10% from the previous year. Most of that decrease came from a 5% drop in […]

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Falling Interest Rates Spur Mortgage Application Rebound

Jan 9th, 2019 @ 1:48 PM by Amber Nelson

The number of U.S. mortgage applications soared in the latest week, according to the Mortgage Bankers Association, a result of a sharp drop in long-term interest rates. The MBA’s Market Composite Index – a measure of mortgage application volume – rose 23.5% on an unadjusted basis during the week ended Jan. 4, 2019. “Mortgage rates […]

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Home Price Appreciation Stalls for Third Month

Dec 26th, 2018 @ 10:43 PM by Amber Nelson

While home prices continue to rise compared with last year, they are slowing in their gains, according to the latest Case-Shiller Home Price Index produced by S&P Dow Jones Indices and CoreLogic, a result of mortgage rates and home prices outpacing growth and income. U.S. home prices rose 5.5% in October over the previous year, […]

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Nervous Investors Push Mortgage Rates Down

Nov 1st, 2018 @ 8:12 AM by Amber Nelson

Average rates on long-term mortgage loans fell in the latest week, dampened by investors’ flight to the safety of bonds after the recent stock market declines. According to mortgage guarantor Freddie Mac, the average rate on a 30-year fixed rate mortgage (FRM) dropped to 4.83 percent with an average 0.5 point for the week of […]

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