Mortgage Rates

Homeowners and home buyers still waiting for mortgage rates to reach bottom may have already missed it. The average rate for 30-year mortgages, which hit record lows in February, briefly rose above 4 percent last month for the first time since October, and many economists predict rates will continue to rise gradually as the economy and housing market recover. Freddie Mac, the government-backed mortgage company, forecasts 30-year rates will hit 4.5 percent by the end of 2012 and 5 percent by late next year, up from an average of just under 4 percent last week.

The average U.S. rate for the 30-year fixed mortgage fell to a record low for a fourth straight week. Cheap mortgages have helped boost home sales modestly this year. Here's a look at rates for fixed- and adjustable-rate mortgages over the past 15 weeks: CurrentAvg. Last week 52-weekhigh 52-weeklow 30-year fixed 3.78 3.79 4.61 3.78 15-yearfixed 3.04 3.04 3.80 3.04 5-yearadjustable 2.83 2.83 3.48 2.78 1-yearadjustable 2.75 2.78 3.15 2.70 All values inPercentage points Source: Freddie MacPrimary MortgageMarket Survey

When the head of JPMorgan Chase met with shareholders to answer for a trading loss of more than $2 billion Tuesday, it was against an evolving political backdrop: Donors from big banks are betting on Mitt Romney to defeat President Obama and repeal new restraints on risky, large-scale investments. "There's no doubt that there's been a big diminution of support for the president," said William M. Daley, Obama's former chief of staff and a former top JPMorgan Chase executive. "People in the financial services sector are saying, ‘The president has been too tough on us, both in policy and on...

WASHINGTON - Average rates for 15 and 30-year fixed mortgages fell to fresh record lows this week, offering more incentive for Americans to buy or refinance homes. Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan fell to 3.84 percent, the lowest since long-term mortgages began in the 1950s. That's below the previous record rate of 3.87 percent, reached in February. The 15-year mortgage, a popular option for refinancing, dropped to 3.07 percent, also a record.

The average U.S. rate for the 30-year fixed mortgage fell to a record low for a fourth straight week. Cheap mortgages have helped boost home sales modestly this year. Here's a look at rates for fixed- and adjustable-rate mortgages over the past 15 weeks: CurrentAvg. Last week 52-weekhigh 52-weeklow 30-year fixed 3.78 3.79 4.61 3.78 15-yearfixed 3.04 3.04 3.80 3.04 5-yearadjustable 2.83 2.83 3.48 2.78 1-yearadjustable 2.75 2.78 3.15 2.70 All values inPercentage points Source: Freddie MacPrimary MortgageMarket Survey

Mortgage rates are tantalizingly low. But for some homeowners, the opportunity to refinance could be scuttled by an appraisal. The process isn't an exact science and homeowners may be surprised to find their property isn't worth as much as they believed. It's an unfortunate pitfall at a time when rates have never been more attractive; the average rate on a 30-year loan was 4.09 percent last week and the rate on the 15-year mortgage hit a record low of 3.29 percent. If you're thinking of refinancing, here's what to expect: Why...

WASHINGTON -- Construction of new homes and apartments, down for three straight months, staged what may turn out to be a temporary rebound in May. Despite the one-month improvement, analysts said higher mortgage rates would continue to buffet the once high-flying housing market for the next two years. But they said potential home buyers could see some benefits in the form of more builder incentives being offered to move unsold inventory. The Commerce Department reported that builders started construction at a seasonally adjusted annual...

WASHINGTON — Rates on 30-year mortgages, pushed down by lower Treasury bond yields, fell this week to 4.19 percent, the lowest level in decades. Investors are buying up Treasury bonds in anticipation of Federal Reserve moves designed to lower mortgage rates and yields on corporate debt. As a result, the average rate for 30-year fixed loans dropped to the lowest level on records dating to 1971, Freddie Mac said. The average rate on 15-year fixed loans fell to 3.62 percent, the lowest on records dating back to 1991.

NEW YORK — Rates on 30-year mortgages fell to the lowest level in decades for the ninth time in 12 weeks, pushed down by traders anticipating a move by the Federal Reserve to pump more money into the economy. The average rate for 30-year fixed loans dropped to 4.27 percent, mortgage buyer Freddie Mac said yesterday. That’s the lowest on records dating to 1971 and down from 4.32 percent the previous week. The average rate on 15-year fixed loans, a popular choice for refinancing, dropped to 3.72 percent, from 3.75 percent, the lowest on records dating to 1991.

WASHINGTON -- Housing construction and new building permits were down sharply in October, providing fresh evidence that rising mortgage rates are beginning to cool the five-year housing boom. The Commerce Department reported yesterday that construction of new homes and apartments fell by 5.6 percent last month, the biggest decline in seven months. Applications for new building permits, a good sign of future activity, fell by 6.7 percent, the biggest decline in six years. Analysts said these weaker-than-expected figures, combined with evidence homes are staying on the market...

 Monday | 24  Tuesday | 25  Wednesday | 26  Thursday | 27  Friday | 28   Economic reports  S&P/Case-Shiller index of home prices for February; Commerce Department, new home sales for March; Conference Board, Consumer Confidence Index for April Commerce Department, durable goods for March Labor Department, weekly jobless claims; Freddie Mac, weekly mortgage rates; National Association of Realtors, pending home sales for March Commerce Department,...

WASHINGTON - Americans bought fewer previously owned homes in March, a reminder the housing market remains weak. The National Association of Realtors said Thursday that home sales fell 2.6 percent last month to a seasonally adjusted annual rate of 4.48 million. That followed a revised 4.6 million sold in February. A mild winter may have encouraged more people to buy earlier, essentially stealing sales from March. More purchases in January and February made this the best winter for sales in five years.

Bank of America said Thursday that it set aside less money to cover bad loans in the first three months of the year than it has since before the 2008 financial crisis. Because Bank of America serves about half the nation's households, the results could be seen as a statement about the progress Americans have made in managing their household finances, saving more and paying back debt. The bank said it put aside $2.4 billion for bad loans, down from $3.8 billion in the same quarter a year ago and the lowest since the third quarter of 2007, a year before the...

WASHINGTON - It has been a long time since the market for new homes has looked this good. Rising rents and a healthier job market are inspiring more people to consider buying. Builders are responding to the demand by laying plans for more homes this year than at any other point in the past few years. And banks are helping both by approving more loans. All that points to a better year for the housing market, though a full recovery could take several years. "We're doing so much more business than we have in years," said Ed Kopal, who runs a construction...

WASHINGTON - The average rate on the 30-year fixed mortgage dropped near its record low this week, making home-buying and refinancing a bargain for those who qualify. Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan fell to 3.88 percent from 3.98 percent. That's just above the rate of 3.87 percent reached in February, the lowest since long-term mortgages began in the 1950s. The 15-year mortgage, a popular option for refinancing, plunged to a fresh low of 3.11 percent, from 3.21 percent last week.

Homeowners and home buyers still waiting for mortgage rates to reach bottom may have already missed it. The average rate for 30-year mortgages, which hit record lows in February, briefly rose above 4 percent last month for the first time since October, and many economists predict rates will continue to rise gradually as the economy and housing market recover. Freddie Mac, the government-backed mortgage company, forecasts 30-year rates will hit 4.5 percent by the end of 2012 and 5 percent by late next year, up from an average of just under 4 percent last week.

NEW YORK — Fixed mortgage rates hit the lowest point of the year for the third straight week. Freddie Mac said yesterday that the average rate on the 30-year loan fell to 4.60 percent, from 4.61 percent — the lowest since mid-December. The average rate on the 15-year fixed mortgage, a popular refinancing option, slipped to 3.78 percent, from 3.80 percent. That marked its lowest since late November. Rates have fallen for six weeks in a row. While low mortgage rates make purchasing a home more attractive, sales are still slumping.

McLEAN, Va. - Rates on 30-year fixed-rate mortgages declined this week amid reports of a weakening job market and easing concerns over inflation, Freddie Mac said yesterday. The average rate on a 30-year fixed mortgage slipped to 5.03 percent this week from 5.15 percent last week. A year ago, the 30-year fixed-rate mortgage averaged 6.13 percent. Average rates for 30-year fixed-rate mortgages hit a record low of 4.96 percent in January, a decline attributed to the Federal Reserve's move to buy $500 billion in mortgage-backed securities to spur lending by banks.