Mortgage Rates Lower with fifteen-Year Fixed Home Loans At 4.36%
According to mortgage economist, Josh Emmons, “Home refinance opportunities always arise when interest rates for mortgage loans fall below 5%.” Home loan rates dropped this week and the average mortgage rate on thirty-year fixed-rate home loans declined below 5% to a four-month low, according to Freddie Mac’s report of mortgage rates surveyed from lenders nationwide.
Meanwhile, the fifteen-year fixed rate dropped to 4.36%, the lowest figure since Freddie began tracking such mortgages in 1991. The average mortgage rate was 4.46% last week and 5.78% last year. Five-year Treasury-indexed hybrid adjustable-rate mortgages also hit a record low, dropping to 4.42% from 4.51% and 6%, respectively. After yields on Treasuries rebounded from the multi-decade lows they hit earlier this year, they have since retraced some – taking home mortgage rates along with them.
Bad credit mortgage loans continue to be challenging for many Americans who have no equity or late payments, but the FHA mortgage loans and the Obama loans remain genuine options for borrowers with challenged credit seeking refinance alternatives.
According to the Commerce Department’s data for August, new home sales rose for the 5th time but existing home sales fell unexpectedly, breaking four months of improvement. And while the S&P Case-Shiller indexes showed home prices increased again in July from the prior month, Dallas Federal Reserve President Richard W. Fisher warned on Tuesday that housing, though stabilizing, was still “on life support.”
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Comments
Thanks for the mortgage rate newsletter! I just wanted to see what your take was with the FHA refinance streamline loan for people with bad credit. I appreciate your insight.
In most cases, FHA is more flexible with credit, but the streamline loans do have specific criteria. For example, you can’t be late on your FHA mortgage in the last 12 months to qualify for the FHA streamline.
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