Friday, April 10, 2015

Mortgages stay low as homebuying heats up

The rate on the most common mortgage was unchanged this week, while others slipped slightly. The low rates brought in more potential homebuyers and follow a disappointing jobs report, which may help delay an interest rate hike by the Federal Reserve.

"Rates are still low, and everyone is talking about the volume. It's been a busier spring-break week than we've had in years," says Pava Leyrer, chief operating officer for Northern Mortgage Services in Grand Rapids, Michigan. "People's jobs are secure or they have gotten raises. People feel they can afford something they couldn't before."
Time to buy

The volume of purchase mortgage applications was up 7 percent, after a 6 percent increase last week and a 5 percent increase the week before that, according to the Mortgage Bankers Association, or MBA, on April 8. Overall, the number of mortgage applications rose 0.4 percent, softened by a 3 percent decline in refinances.
Mortgage rates this week
2015%30-year fixedJanFebApr3.703.803.904.00
30 year fixed rate mortgage -- 3 month trend

    The benchmark 30-year fixed-rate mortgage was unchanged from the previous week, at 3.82 percent, according to the national survey of large lenders. One year ago, that rate was 4.47 percent. Four weeks ago, it was 3.97 percent. The mortgages in this week's survey had an average total of 0.25 discount and origination points. Over the past 52 weeks, the 30-year fixed has averaged 4.13 percent. This week's rate is 0.31 percentage points lower than that 52-week average.
    The benchmark 15-year fixed-rate mortgage fell to 3.04 percent from 3.06 percent.
    The benchmark 5/1 adjustable-rate mortgage fell to 3.06 percent from 3.1 percent.
    The benchmark 30-year fixed-rate jumbo fell to 3.92 percent from 3.93 percent.

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