How Are The Mortgage Rates Doing?

Two weeks ago, the average fixed mortgage rates saw their highest levels since mid-2011. This has made homebuyers weary of making their move. However, there is some good news. Last week, Freddie Mac's Primary Mortgage Market Survey said that the 30-year rates have dropped back down to 4.29 percent (from 4.46 two weeks ago.)  We realize these aren't ideal considering last year they were at 3.62 percent.

Over the Fourth of July weekend,,the rates fell due to an ease of market concerns about the Federal Reserve's pullback in bond purchases.  It is important to remember that even though rates are higher now than they have been in the past year, these rates are still low by historical standards. Even in the 4th percentile, we should continue to see people benefiting from housing affordability and the housing market will continue to recover.

Despite the rates being a bit higher, pending home sales have gone up by 6.7% in May, which is the strongest pace we've seen in over six years.

If you are in the market for a house and have questions, please call us at 888-883-5252 or 877-828-8851. We'd love to help ease your concerns and get your application started!

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Rates Rising: Lock It In While You Can!

After weeks of falling, the mortgage rates have recently rose to their highest point in six weeks. Previously pressing to set record-lows, the current mortgage rates for a 30-year mortgage are averaging 3.51 percent.  The average 15-year rate also increased to 2.69 percent.

Earlier this month, the 15-year rate set a record-low at 2.56 percent. Last November saw the lowest rate for a 30-year mortgage with an average of 3.31 percent. Most recently, we saw 3.35 percent.

With the rates steadily climbing again, we tend to encourage borrowers to lock in these somewhat low rates while they can. There is no guarantee that they will drop again since the housing market is recovering and home prices are increasing. There is an increased demand for homes due to a tight inventory. The whole market seems to be growing more and more competitive. Home buying season has been strong and moderately priced homes are selling fast!

California currently holds 8 out of 10 spots on the list of markets with the largest increase in median list price throughout the country. This means that these markets were hit the hardest by the crisis and are in turn rebounding the highest now that the housing recovering is gaining momentum.

Visit the links on the right side of this page to find the right company for you.

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30-Year Fixed-Rate Has Dropped!

According to Freddie Mac's recent Primary Mortgage Market Survey (PMMS), the average fixed-rate mortgage (FRM) for a 30-year term has been lowered! After not changing much in the past month, the rate has now clocked in at an average of 3.51 percent, which is down from 3.56 percent last week. This means good news for those seeking to purchase a home or refinance. This time last year, the 30-year FRM was averaging 3.90 percent.

"Mortgage rates eased somewhat as the consumer price index in February held steady for the second month in a row," said Frank Nothaft, vice president and chief economist for Freddie Mac. "House price indicators, however, showed gains in 2012. The S&P/Case-Shiller national home price index rose 7.3 percent last year, reflecting the largest four-quarter growth since the third quarter of 2006. This, in part, was a driving force that pushed up the number of existing and new home sales in February to the highest levels since July 2007 and July 2008, respectively."

The housing market is progressively becoming stronger as time passes. With these low interest rates, more and more people are able to save money every year on their mortgages. If your mortgage rate is currently higher than 4%, we'd recommend calling us and asking about refinancing.

It is also possible to switch from a 30-year FRM to a 15-year FRM as well, which may further reduce your overall mortgage balance. The 15-year FRM is averaging at 2.76 percent.  Ask us if this option may be right for you!

Call Quest Loans at 888-883-5252 with any and all questions you may have! We are interested in helping you save money!

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Weekly Average Mortgage Rate is at 3.66%

The Primary Mortgage Market Survey (PMMS) from Freddie Mac has been released. This states that the average mortgage rates are continuing to fall despite other economic factors worsening. The 30-year fixed mortgage rate averaged at 3.66% which is down from 3.71% last week; and it has an average of 0.7 point. The 15-year FRM averaged at 2.95%, down from 2.98% last week; a year ago, it was at 3.69%. It has an average 0.6 point. Treasury bond yields have also eased.

The Federal Reserve has noted that growth in employment rates has been slow in recent months, which leads to household spending also being slower. On a positive note though, construction on one-family homes has been rising for the past three months. The confidence of homebuilders is at its highest reading in 5 years.

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Rates Are Still Falling

Freddie Mac reports that the average rate on a 30-year fixed rate conventional mortgage fell to another record low of 3.83% and the 15-year fixed rate conventional mortgage fell to 3.05% in the latest week and can be obtained when paying a 0.7 point.

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