Friday, June 27, 2014

Buyers' Alert: Mortgage Rates Are Lower Than They Were a Year Ago!

Today’s persistent low-rate environment continues to benefit homebuyers, as mortgage rates fell again in the latest week and are now lower than they were at this time last year. You’l recall that as 10-year Treasury yields bottomed out at 1.62% in May 2013, so too did the average 30-year fixed-rate mortgage rate bottom at 3.35%, near its all-time low 3.31% seen six months earlier, before last spring’s bond-market selloff pushed both Treasury yields and mortgage rates sharply higher over the next two months.

So today the average 30-year fixed-rate mortgage rate has slipped to 4.14% in the latest week from 4.17% a week ago, per Freddie Mac’s (FMCC) latest weekly Primary Mortgage Market Survey, and that’s down from 4.46% at this time last year. The 15-year fixed-rate mortgage rate also fell to 3.22% from 3.30% a week earlier and 3.50% a year ago.


A similar 30-year mortgage rate measured by the Mortgage Bankers Association’s latest weekly survey slipped to 4.33% from 4.36% the week before. The average rate for jumbo loans of more than $417,000 fell to 4.28% from 4.32% a week ago, and that jumbo rate remains below the rate for smaller loans in recent months due in part to the higher average credit quality of jumbo borrowers. The MBA’s survey also showed mortgage applications decreased by 1.0% in the latest week.

Original article here.



Rahul and Smitha Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and Home Marketing Experts. You can reach Rahul and Smitha and their team online at: www.Morris-Homes.com or www.SRRealEstateGroup.com.

Their team specialize in North Central New Jersey including towns such as BoontonChathamMadison,Chester,Convent StationDenvilleEast HanoverFlorham ParkHanoverHarding Twp.MendhamMontvilleMorristown,Morris Plains,Morris Twp.Mountain LakesParsippanyRandolphRockawayWhippany.