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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Refinancing Your Mortgage Can Save You Money!

Freddie Mac has released more information that only further proves the benefits of refinancing. The results of its Q4 refinance analysis shows that 84% of homeowners who have refinanced their first-lien home mortgage either remained at the same loan amount, or managed to lower their principal balance. This helps to strengthen their fiscal house. On average, those who have refinanced were able to reduce their interest rate by 1.8 percentage points.

In December, Fixed-Rate mortgages averaged low percentages. 30-year loans were around 3.4% and 15-year loans averaged 2.7%. Because of these low rates, refinancing can help you save money on your overall mortgage. For example, when a loan for $200,000 is refinanced using these average statistics and percentages would translate to a saving of roughly $3,600 in interest for the following 12 months.

Through the HARP program, borrowers have been able to refinance when they traditionally would not have had access to it. They've obtained low rates that have significantly reduced their monthly payments. As a result, the risk of foreclosure is decreased for these borrowers since they are able to continue paying affordably.

Quest Loans specializes in HARP loans, and in refinancing.  We would like to help you qualify for an HARP loan if you have low income needs. If you already have a HARP loan, or any other type of loan, ask us about refinancing! It is never too late to start saving money on your monthly mortgage payment! 888-883-5252

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Rate Update: Near Record Lows

According to Freddie Mac's latest Primary Mortgage Market Survey (PMMS), the mortgage rates remain "little changed and near record lows this week amid indicators of stronger economic growth and signs of tame inflation," said Frank Nothaft, vice president of Freddie Mac.

The 30-year fixed-rate mortgage averaged at 3.34% for the week ending December 6, 2012. Because the mortgage rates have remained steady, the economy is getting a chance to recover.  There has been growth in fixed residential investment, residential construction, and pending home sales. "The housing market is aiding in this recovery," said Nothaft.

If you are interested in buying a house or refinancing your home, the near record-low mortgage rates are still attractive! Home affordability is high and it is a good time to buy! Call Quest Loans to get started with your new loan or refinancing! We also specialize in FHA loans and HARP loans. 888-883-5252.

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Rates Keep Falling!

According to Freddie Mac's Primary Mortgage Market Survey, the average fixed mortgage rates have fallen to new all-time record lows again! These rates have been falling due to the Federal Reserve purchasing mortgage securities.  If you are looking to buy a house soon, we'd recommend taking advantage of these great rates! The 30-year fixed-rate mortgage is currently averaging 3.36%! Give us a call today if you are interesting in finding out more information! Quest Loans would love to help! 888-883-5252

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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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New Record Low Rates

New Record Low Rates! The average fixed mortgage rate found new record lows, as the 30-year fixed rate mortgage averaged 3.84 percent, down from last week when it averaged 3.88 percent. Last year at this time, the 30-year fixed rate averaged 4.71 percent. The 15-year fixed rate mortgage this week averaged 3.07 percent, down from last week when it averaged 3.12 percent. A year ago around this time, the 15 year fixed rate mortgage averaged 3.89 percent.

"Signs of slowing economic growth and inflation remaining subdued allowed yields on Treasury bonds to ease somewhat and brought most mortgage rates to new all-time record lows this week," said Frank Nothaft, the vice president and chief economist of Freddie Mac. "Real Gross Domestic Product rose at an annualized rate of 2.2 percent in the first quarter of this year, down from the previous quarter of 3.0 percent and below the market consensus forecast of 2.5 percent. In addition, the 12-month growth in the core price index of personal consumption expenditures was 2.0 percent in March which matches the Federal Reserve's implied inflation target."

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Mortgage Rates Rise Above 4%

According to Freddie Mac, the 30-year fixed-rate mortgage has risen above 4% for the first time since October. Last year, the rate was averaging 4.81%; right now it is at 4.08%. The rates are thought to be rising as a sign of economic growth. It was the Federal Reserve that helped to push the rates down to record-low levels in the recent past.

U.S. Treasury bond yields have been increasing lately. However, consumers have been able to reduce their debt burdens quite a bit overall. The economy is finally beginning to stabilize.

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