According to Freddie Mac’s latest Primary Mortgage Market Survey, 30-year fixed-rate mortgage rates averaged 3.88 percent (with 0.7 points) for the week ending today, down from 3.98 percent last week, within one basis point of an all-time low, and versus 4.91 percent a year ago.
The average 15-year fixed mortgage rate has hit an all-time record low of 3.11 percent, down from 3.21 percent last week, two basis points below its previous record low recorded last month, and versus 4.13 percent a year ago.
At the same time, mortgage applications to purchase homes in the U.S. dropped 2.4 percent last week (refinancing activity fell 3.1 percent), but remain up 5.5 percent on a year-over-year basis according to the Mortgage Bankers Association.
∙ 15-Year Fixed-Rate Mortgage Hits New All-Time Record Low [Freddie Mac]
∙ Mortgage Applications Decrease in Latest MBA Weekly Survey [mbaa.org]
I re-fied back in November with a 15 year no points loan at 3 3/8% and was pretty happy with it. Looks like I should have waited.
No matter how much debt banks want to cram down potential buyers’ throats, they still have to digest old debt first.
Plus selection criteria are almost back to historical standards, which means buyers are more reliable, knowledgeable and much more market conscious. No trigger-happy deadbeats who see debt as the way to riches.
And it looks like FHA has dramatically increased fees this week for low money down loans.
It looks quite hopeless for that segment, actually.
http://portal.hud.gov/hudportal/documents/huddoc?id=12-04ml.pdf
http://www.asianjournal.com/consumer/atty-kenneth-go/15367-fha-35-down-purchase-money-fees-increase-dramatically-while-refinancing-costs-decline.html
(Note that the purchase changes are all April 9, it’s the refinance changes that are coming later).
Bankrate won’t even list places doing 3.5% down any more. The standards keep getting harder and harder to meet. No wonder so many places are falling out of contract!
Oh, thanks for the headsup! Time to refi again (my fourth since buying 2 years ago).
NVJ, I refi’d in Nov as well for 3.75 no points no fees…now they’re offering 3.375 no points no fees so doesn’t look like you’re doing too bad.
Well at least my mortage is currently at 3.375% cause at 131% LTV a refi isn’t much of an option.
I wish I could refinance instead of being stuck in HOA/builder litigation hell (almost 2 years and counting now). It’s so frustrating seeing these low rates and not being able to take advantage.
Well I wish I could buy something and lock in these low rates, but none of the bubble-toppers seem willing to sell their condos at 20% below purchase and take a $200K hit. So I guess everyone is frustrated.
My HOA just finished up litigation a month ago so we’re ready to refi. Our loan is currently with BofA, how do you guys get the no points/fees offers? Our loan amount is conforming plus we have over 20% equity. Any suggestions?
You can try my guy: Navid Filsoof. He killed everyone on the no-points quotes, even the Credit Unions:
nfilsoof@gmail.com
He is really easy to work with if you are used to doing everything via email. I never even talked to him on the phone until we were about ready to close and that was mostly just to feel reassured about the process.
Using Navid Filsoof now. We started off strong on a refi and then he went a bit dark after gathering and then submitting all our docs. Hopefully he’ll get back on top of things.
I echo what John had to say about email being his preferred mode of communication. I reminded him that he had my cell number. We’ll see if that helps. I’ll keep you all posted.