Baltimore mortgage rates touch new 2016 lows

Baltimore Mortgage Ratesby Chris Montcalmo

Freddie Mac on Thursday released the results of its Primary Mortgage Market Survey, showing average fixed mortgage rates in Baltimore and nationwide dropping to new 2016 lows in the wake of the Brexit vote. At 3.48 percent, the 30-year fixed-rate mortgage is only 17 basis points from its November 2012 all-time record low of 3.31 percent.

The 30-year fixed-rate mortgage (FRM) averaged 3.48 percent with an average 0.5 point for the week ending June 30, 2016, down from last week when it averaged 3.56 percent. A year ago at this time, the 30-year FRM averaged 4.08 percent.

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The 15-year FRM this week averaged 2.78 percent with an average 0.4 point, down from last week when it averaged 2.83 percent. A year ago at this time, the 15-year FRM averaged 3.24 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.70 percent this week with an average 0.5 point, down from last week when it averaged 2.74 percent. A year ago, the 5-year ARM averaged 2.99.

Borrowers may still pay closing costs which are not included in the survey.

“In the wake of the Brexit vote, the yield on the 10-year U.S. Treasury bond plummeted 24 basis points,” said Freddie Mac chief economist Sean Becketti. “The 30-year mortgage rate declined as well, but not by as much, falling 8 basis points to 3.48 percent. This week’s survey rate is the lowest since May 2013 and only 17 basis points above the all-time low recorded in November 2012. This extremely low mortgage rate should support solid home sales and refinancing volume this summer.”

For more information on Baltimore mortgage rates, contact mortgage consultant Chris Montcalmo by clicking here.


Baltimore mortgage rates remain near three-year low

Baltimore Mortgage Ratesby Chris Montcalmo

Freddie Mac on Thursday released the results of its Primary Mortgage Market Survey, showing average fixed mortgage rates largely unchanged.

The 30-year fixed-rate mortgage (FRM) averaged 3.56 percent with an average 0.6 point for the week ending June 23, 2016, up from last week when it averaged 3.54 percent. A year ago at this time, the 30-year FRM averaged 4.02 percent.

The 15-year FRM this week averaged 2.83 percent with an average 0.5 point, up from last week when it averaged 2.81 percent. A year ago at this time, the 15-year FRM averaged 3.21 percent.

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The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.74 percent this week with an average 0.5 point, unchanged from last week. A year ago, the 5-year ARM averaged 2.98.

“Mortgage rates have been slow to adjust to the 10-year Treasury yield, which has increased 12 basis points since last week,” said Freddie Mac chief economist Sean Becketti. “This week’s survey shows the 30-year fixed rate inching up to 3.56 percent, only 2 basis points above last week’s average. The low rates continue to be good news for the housing market, as existing home sales rose 1.8 percent to a 5.53 million seasonally adjusted annual rate in the month of May — the highest level since February 2007.”

For more information on current Baltimore mortgage rates, contact mortgage consultant Chris Montcalmo by clicking here.


Baltimore mortgage rates tick up on Fed news

Baltimore Mortgage Ratesby Chris Montcalmo

Freddie Mac on Thursday released the results of its Primary Mortgage Market Survey, showing average fixed mortgage rates up slightly from 2016 lows.

The 30-year fixed-rate mortgage averaged 3.64 percent with an average 0.5 point for the week ending May 26, 2016, up from last week when it averaged 3.58 percent. A year ago at this time, the 30-year FRM averaged 3.87 percent.

The 15-year fixed-rate mortgage this week averaged 2.89 percent with an average 0.5 point, up from last week when it averaged 2.81 percent. A year ago at this time, the 15-year FRM averaged 3.11 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.87 percent this week with an average 0.5 point, up from last week when it averaged 2.80 percent. A year ago, the 5-year ARM averaged 2.90 percent.

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“U.S. Treasury yields moved up in response to the Fed minutes release, which kept alive the possibility of a summer rate-hike,” said Freddie Mac chief economist Sean Becketti.  “Mortgage rates followed, with the 30-year fixed-rate mortgage increasing 6 basis points to 3.64 percent. Despite this increase, May ends the month averaging only 3.60 percent, 1 basis point below April’s average, and the lowest monthly average in 3 years. Homebuyers are taking advantage of these historically low rates with April’s new-home sales [pdf] increasing by 16.6 percent, the fastest pace since January 2008.”

For more information on Baltimore mortgage rates, contact mortgage consultant Chris Montcalmo by clicking here.


Baltimore mortgage rates hold near 2016 lows

Baltimore Mortgage Ratesby Chris Montcalmo

Freddie Mac on Thursday released the results of its Primary Mortgage Market Survey, showing average fixed mortgage rates holding near 2016 lows.

The 30-year fixed-rate mortgage averaged 3.58 percent with an average 0.6 point for the week ending May 19, 2016, up from last week when it averaged 3.57 percent. A year ago at this time, the 30-year FRM averaged 3.84 percent.

The 15-year fixed-rate mortgage this week averaged 2.81 percent with an average 0.5 point, unchanged from last week. A year ago at this time, the 15-year FRM averaged 3.05 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.80 percent this week with an average 0.5 point, up from last week when it averaged 2.78 percent. A year ago, the 5-year ARM averaged 2.88 percent.

“The 10-year Treasury yield saw minimal movement over the past week, despite encouraging news from April’s consumer spending and CPI data.” said Freddie Mac chief economist Sean Becketti.  “Accordingly, the 30-year mortgage rate moved up just 1 basis point from its 2016 low to 3.58 percent. Although there was minimal change in rates this week, the hawkish tone of Wednesday’s Fed minutes release had an immediate impact on Treasury yields, and could possibly shake up next week’s survey results.”

For more information on Baltimore mortgage rates, contact mortgage consultant Chris Montcalmo by clicking here.

Baltimore mortgage rates back near 2016 lows

Baltimore Mortgage Ratesby Chris Montcalmo

Freddie Mac on Thursday released the results of its Primary Mortgage Market Survey, showing average fixed mortgage rates falling following the Federal Reserve’s decision to stand pat last week, and other negative economic data. Mortgage rates are now hovering just above their low point for the year.

The 30-year fixed-rate mortgage (FRM) averaged 3.61 percent with an average 0.6 point for the week ending May 5, 2016, down from last week when it averaged 3.66 percent. A year ago at this time, the 30-year FRM averaged 3.80 percent.

The 15-year FRM this week averaged 2.86 percent with an average 0.5 point, down from last week when it averaged 2.89 percent. A year ago at this time, the 15-year FRM averaged 3.02 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.80 percent this week with an average 0.5 point, down from last week when it averaged 2.86 percent. A year ago, the 5-year ARM averaged 2.90 percent.

“The Fed’s decision to stand pat followed by a week of assorted unsettling news drove Treasury yields lower,” said Freddie Mac chief economist Sean Becketti. “As a consequence, the 30-year mortgage rate drifted down to 3.61 percent, just 3 basis points above the low for the year. Since the start of February, mortgage rates have varied within a narrow range providing an extended period for house hunters to take advantage of historically low rates.”

For more information on local Baltimore mortgage rates, contact mortgage consultant Chris Montcalmo here.