Mortgage Rates Drop in April

According to Freddie Mac's most recent Primary Mortgage Market Survey, the average fixed mortgage rate has moved lower for the 3rd consecutive week. The 30-year fixed-rate mortgage averaged 3.41 percent with an average 0.7 point, which is down from 3.90 percent this time last year. As the housing market continued to recover, many people are taking advantage of these low rates by refinancing their current mortgages.

Some people opt to refinance their long-term mortgage to a shorter-term mortgage. The 15-year fixed-rate mortgage averaged at 2.64 percent with an average 0.7 point, down from 3.13 percent last year.

The Survey also reported that consumer spending was weaker during the week ending April 18th. Some economists believe that this weakness in retail sales lead to the mortgage rates dropping lower this week. This is the second time in three months that retail sales have taken a hit. Also, the Consumer Sentiment Index dropped by 6.3 points in April. It is now sitting at 72.3 which is the lowest it has been since July 2012.

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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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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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Mortgage Rates Reach NEW Record Lows

According to Freddie Mac's Primary Mortgage Market Survey, mortgage rates have dropped even more! They are now at NEW all-time record lows. This includes all rates except for the 1-year ARM which didn't reach a new low.

30-year fixed-rate mortgages (FRM) are averaging at 3.87 percent. This time last year it was at 4.81 percent. The 15-year FRM averaged 3.14 percent which is down from 4.08 percent last year. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.80 this week and was at 3.69 last year.

These new record lows make it a great time to get a mortgage. However, economic growth has fallen short of market projections which is why these rates have eased. Although, both residential construction spending and fixed residential investment have increased.

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