Drastic Move Of Some Mortgage Rates

Drastic Move Of Some Mortgage Rates



Drastic Move of​ Some Mortgage Rates
In the​ previous week's Freddie Mac Primary Mortgage Market Survey,​ the​ short term mortgage rates that had been rising very sharply during the​ time of​ last few weeks suddenly fell slightly last week .​
Whereas the​ long term rates almost remained unchanged.
The 30-year fixed rate mortgage (FRM) moved up one basis point with 0.5 point from 6.45 percent to​ 6.46 percent with same 0.5 point .​
During the​ year of​ 2018,​ at​ this same time the​ average rate of​ 30 year fixed rate mortgage was 6.47 percent.
The 15 year fixed rate mortgage with 0.5 point averaged 6.15 percent .​
Hardly shifting from 6.12 percent with 0.5 point during the​ week ending in​ August 30 .​
Previous year during this time the​ 15 year fixed rate mortgage was at​ 6.16 percent.
The 5-year Treasury indexed hybrid adjustable rate mortgage (ARM) had an​ average contract interest rate of​ 6.32 percent with 0.6 point,​ yet again just a​ very little change from the​ previous week when it​ running at​ a​ rate of​ 6.35 percent with 0.6 point .​
The current rate is​ 19 basis points higher compared to​ what it​ was at​ this same time of​ 2018.
The most dramatic change has been shown by the​ 1-year treasury indexed adjustable rate mortgage .​
After jumping 24 basis points to​ 5.84 percent with 0.8 point during the​ last week,​ the​ adjustable rate mortgage settled down and returned back 10 of​ those basis points,​ averaging 5.74 percent with 0.6 point.
Frank Nothaft,​ vice-president and chief economist of​ Freddie Mac said,​ Over the​ past week,​ long term mortgage rates were largely unchanged as​ the​ most recent economic news showed smaller increases than had been expected .​
He explained it​ with the​ example of​ rise in​ the​ core personal consumption expenditure price index at​ an​ annualized rate of​ only 1.3 percent in​ the​ second quarter where as​ the​ July's consumer spending data has shown a​ 1.9 percent gain in​ the​ core price index for the​ 12 months ending in​ July.
In the​ Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the​ week ended September 7 demonstrated a​ remarkable drop in​ the​ 30-year fixed rate mortgage,​ from 6.42 percent with 1.09 point to​ 6.25 percent with 1 point.
The average contract interest rate for the​ 15-year fixed rate mortgage also had a​ strong decrease to​ 5.9 percent with 1.03 points from 6.10 percent with 1.16 points .​
The short term 1-year ARM decreased to​ 6.34 percent from 6.52 percent with points remaining unchanged at​ 0.93.
The mortgage application volume increased 5.5 percent from the​ previous week on​ a​ seasonally adjusted basis,​ but was down 16.7 percent from that previous week and was up with a​ slight 0.1 percent from what it​ was in​ the​ earlier year during the​ same time.
As a​ share of​ total mortgage activity,​ refinancing is​ up by 0.7 percent .​
It is​ now 42.1 percent from 41.4 percent during the​ last week .​
However,​ the​ market share of​ adjustable rate mortgages is​ dropping down continuously from 13.2 percent the​ previous week to​ 12.6 percent this week.




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