Euro
By Ryan Schuette | 05/17/2012
Interest rates for mortgage loans saw new, all-time lows this week as investors fled debt crises in Europe. Freddie Mac found the 30-year fixed-rate mortgage sliding to 3.79 percent, down from 3.83 percent last week and a far cry from 4.61 percent last year. The 15-year loan fell from 3.05 percent to 3.04 percent. Adjustable-rate mortgages went up. The finance Web site Bankrate.com likewise saw new record lows for mortgage rates, with the 30-year fixed-rate mortgage dropping below 4 percent for the first time by arriving at 3.97 percent.
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By Ryan Schuette | 05/16/2012
A rash of new concerns in debt-saddled Europe drove investors to U.S. Treasury debt, keeping mortgage rates at all-time lows and leading mortgage application volume to tick up 9.2 percent. The Mortgage Bankers Association recorded an 8.7 percent increase in applications for the Market Composite Index on a seasonally unadjusted basis. Analysts credit an upset in Greek elections last week with the rush by investors to U.S. Treasury debt, with policymakers in the Mediterranean country likely seeing elections next week.
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By Ryan Schuette | 05/15/2012
The 30-year fixed-rate mortgage reached a new all-time low Tuesday as concerns grew that Greece would leave the euro zone in a disorderly way. Real estate Web site Zillow found the loan at 3.59 percent, down from 3.65 percent last week, the lowest rate recorded by the company since it began tracking interest rates for mortgages in April 2008. This is down from a previous all-time low of 3.65 percent recorded in May. Mortgage rates zigzagged lower across many states, falling 14 basis points in Massachusetts and 11 basis points in Texas.
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By Ryan Schuette | 05/14/2012
A fresh round of concerns that Greece may leave the euro zone sent U.S. stock markets into a dizzying tumble Monday. After some lift in recent weeks, the Dow Jones Industrial Average fell 125.25 points to close by end of day at 12,695, along with shares for the nation’s four largest lenders. The deal reportedly involves a Syriza, a leftwing bloc opposed to further austerity measures that may parlay slashes to Greek social services for $170 billion in bailout funds under a package jointly agreed-to by the European Union and International Monetary Fund.
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By Ryan Schuette | 05/10/2012
Jittery investors retreated to U.S. Treasury debt this week after upsets in French and Greek elections, a movement that yet again drove mortgage rates to all-time lows. Freddie Mac found Thursday that the 30-year fixed-rate mortgage broke records by falling to 3.83 percent, down from 3.84 percent last week. Finance Web site Bankrate.com, which releases a survey at the same as Freddie each week, found similar results, with the 15-year fixed-rate mortgage hitting 3.2 percent and the jumbo 30-year loan falling to 4.54 percent, both new lows.
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By Ryan Schuette | 05/08/2012
Interest rates for 30-year fixed-rate mortgages slid this week to 3.65 percent, a four-year low made feasible by turmoil in French and Greek elections, real estate Web site Zillow said Tuesday. The 30-year loan fell from 3.69 percent last week and represents the lowest recorded by Zillow since the Web site began tracking mortgage rates in April 2008. Interest rates for the 30-year also zigzagged across the country, falling most steeply in places like Colorado and Illinois. Rates for the 15-year fixed-rate loan averaged 2.91 percent, alongside 2.52 percent for 5-year and 1-year adjustable-rate mortgages.
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By Ryan Schuette | 04/18/2012
Debt crises in Europe spurred a wave of refinance applications last week, leading mortgage loan applications to tick up by 6.9 percent, according to the Mortgage Bankers Association. The trade group found that mortgage loan application volume went up 6.9 percent on a seasonally adjusted basis from the week before. The Refinance Index edged up 13.5 percent from the week before, with the refinance share of mortgage activity increasing to 75.2 percent of the share of total activity.
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By Ryan Schuette | 04/10/2012
Mortgage rates fell to lows not seen in a month on the heels of an underwhelming jobs report and concerns that Spain may follow Greece into default-scenario territory. Real estate Web site Zillow found interest rates for the 30-year fixed-rate mortgage zigzagging across the country, just as it fell from 3.81 percent to 3.73 percent this week. Rates for the 15-year loan hovered near 2.95 percent, while those for 5-year and 1-year adjustable-rate mortgages slumped to 2.56 percent. The Labor Department flattened expectations by reporting that the economy added only 120,000 jobs in March.
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By Ryan Schuette | 03/27/2012
Mortgage rates continued to show signs of stability this week, with rates for the 30-year fixed-rate mortgage largely repeating a series of bumpy but steady fluctuations. Real estate Web site Zillow fielded 3.88 percent for the 30-year loan, nine basis points down from 3.97 percent last week after a back-and-forth between 3.89 percent and 3.98 percent. The company said that rates for the 15-year loan averaged 3.1 percent this week, with those for 5-year and 1-year adjustable-rate mortgages not far behind at 2.72 percent.
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By Ryan Schuette | 03/21/2012
Renewed hope for Europe and the U.S. economy helped interest rates reach their highest peak since December and drove down mortgage applications by 7.4 percent last week. The Mortgage Bankers Association found in a weekly survey that application volume declined by 7.1 percent on a seasonally unadjusted basis from the week earlier. The refinance share of mortgage activity fell to 73.4 percent of total volume, the lowest figure since July last year. The Refinance Index saw declines by 9.3 percent and 4.31 percent for the four-week moving average, respectively.
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