" /> 30 Year Fixed Mortgage Loan Rates At Lowest Since May 2013

30 Year Fixed Mortgage Loan Rates At Lowest Since May 2013

Dated: December 3 2014

Views: 281

247 Wall St
By Paul Ausick
The Mortgage Bankers Association (MBA) released its weekly report on mortgage applications Wednesday morning, noting a decrease of 7.3% in the group’s seasonally adjusted composite index for the week ending November 28. That followed a drop of 4.3% for the previous week. Mortgage loan rates fell on three loan types and rose slightly on the other two. The short holiday week likely had a significant impact on last week’s numbers.On an unadjusted basis, the composite index decreased by 37% week-over-week. The seasonally adjusted purchase index increased 3% compared to the week ended November 21. The unadjusted purchase index dropped by 32% for the week and remains 4% lower year-over-year.ALSO READ: 8 States Where Gas Will Drop Below $2Adjustable rate mortgage loans accounted for 6.7% of all applications, down from 7.0% in the prior week.The MBA’s refinance index decreased by 13%, after rising by 4% in the previous week. The share of refinancings declined from 63% to 60%.The average mortgage loan rate for a conforming 30-year fixed-rate mortgage decreased from 4.15% to 4.08%, the lowest since May 2013. The rate for a jumbo 30-year fixed-rate mortgage increased slightly from 4.10% to 4.11%. The average interest rate for a 15-year fixed-rate mortgage decreased from 3.35% to 3.30%.The contract interest rate for a 5/1 adjustable rate mortgage loan increased from 3.06% to 3.07%. Rates on a 30-year FHA-backed fixed rate loan declined from 3.90% to 3.85%.The lowest mortgage interest rate in about a year and a half was the highlight of last week’s mortgage market. While this is not the best time of year for home buying, the lower mortgage rates could last well into next year, and that can only help the housing market.

Looking to get pre-approved by a lender and start your home search, I can help! With my experience and background, you will not be disappointed with my services. 
Renee Plumlee, REALTOR®
Ivy League Realty

Blog author image

Terry Ivie

Texas Real Estate Consumer Protection Notice

Want to Advertise on this Site?

Latest Blog Posts

How To Know If Its Time To Buy A Home

Owning your own home has long been part of the American dream. It's a goal most of us rightfully aspire to, and one that can often help build wealth. Indeed, 64% of Americans own a home today. If'

Read More

Health Benefits Of Strawberries

Did you know that strawberries have been around since ancient Roman times; and were used for medicinal purposes such as: alleviating inflammation, fever, kidney stones, bad breath, gout and more!

Read More

Distorted SelfImage

Have you ever been to an amusement park that had those crazy mirrors that make you look funny? There are mirrors that make us look really tall and thin. Others that make us look short and wide.

Read More

The Telltale Signs Its Time To Refinance

Have you been giving some thought to how you might be able to save money if you refinanced your mortgage? How do you decide if it’s really worth it? Here are four signs that show you might

Read More