National 30-Year Fixed Mortgage Rate Falls Back Under 5%

January 18, 2010

The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased six basis points last week to 4.99%, down from 5.05% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by real estate website Zillow.com. Rates for 15-year fixed mortgages fell seven basis points to 4.41% from 4.48%, and 5-1 adjustable rate mortgages fell nine basis points to 4.06%, from 4.15 percent the week prior.

The volume of mortgage requests last week rose 18% from the prior week. Of last week’s requests, 31% were for refinance loans, 66% were for purchase loans and 2% were for home equity loans. The prior week, 32% of requests were for refinance loans, 65% were for purchase loans and 2% were for home equity loans.

Rates for 30-year fixed purchase mortgages had fallen slightly, with the average rate on Zillow Mortgage Marketplace at 4.97%. Thirty-year fixed mortgage rates varied by state. New York mortgage rates and Connecticut mortgage rates decreased the most, from 5.26% to 5.11% in New York and from 5.19% to 5.08% in Connecticut. South Carolina mortgage rates (5.13%) and New York mortgage rates (5.11%) were the highest in the country, while Colorado mortgage rates (4.92%) and Texas mortgage rates (4.93%) were the lowest. California mortgage rates were the most requested among all states.

For more information, visit www.Zillow.com.

Popularity: 1% [?]

Written by djumper · Filed Under Real Estate Blog

30-Year Fixed Mortgage Rate Increases for First Time Since Mid October

December 10, 2009

The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages increased five basis points last week to 4.67%, up from 4.62% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by real estate website Zillow.com. Rates for 15-year fixed mortgages rose one basis point to 4.20% from 4.19%, while 5-1 adjustable rate mortgages remained flat at 3.74%.

The volume of mortgage requests last week rose 10% from the prior week. Of last week’s requests, 51% were for refinance loans, 48% were for purchase loans and 2% were for home equity loans. The prior week, 49% of requests were for refinance loans, 49% were for purchase loans and 2% were for home equity loans. dollar

Rates for 30-year fixed purchase mortgages were higher, with the average rate on Zillow Mortgage Marketplace at 4.74%. Thirty-year fixed mortgage rates varied by state. Ohio mortgage rates and Michigan mortgage rates increased the most, from 4.63% to 4.78% in Ohio and from 4.6% to 4.72% in Michigan. New York mortgage rates (4.81%) and Illinois mortgage rates (4.81%) were the highest in the country, while Texas mortgage rates (4.58%), Colorado mortgage rates (4.63%) and Minnesota mortgage rates (4.63%) were the lowest. California mortgage rates were the most requested among all states.

For more information, visit www.zillow.com.

Popularity: 1% [?]

Written by djumper · Filed Under Real Estate Blog

30-Year Fixed Mortgage Rate Continues Rapid Fall

December 2, 2009

The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased seven basis points last week to 4.62%, down from 4.69% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by real estate website Zillow.com. Rates for 15-year fixed mortgages fell four basis points to 4.19% from 4.23%, while 5-1 adjustable rate mortgages increased five basis points to 3.74%, from 3.69% the week prior.

The volume of mortgage requests last week fell 17% from the prior week. Of last week’s requests, 49% were for refinance loans, 49% were for purchase loans and 2% were for home equity loans. There was no change in the mortgage type mix from the prior week.

Rates for 30-year fixed purchase mortgages fell further, with the average rate on Zillow Mortgage Marketplace at 4.52%. Thirty-year fixed mortgage rates varied by state. Ohio mortgage rates and North Carolina mortgage rates decreased the most, from 4.79% to 4.63% in Ohio and from 4.72% to 4.60% in North Carolina. New York mortgage rates (4.79%), Missouri mortgage rates (4.72%) and Illinois mortgage rates (4.72%) were the highest in the country, while Texas mortgage rates (4.52%) and Colorado mortgage rates (4.54%) were the lowest. California mortgage rates were the most requested among all states.

For more information, visit www.Zillow.com.

Popularity: 1% [?]

Written by djumper · Filed Under Real Estate Blog

30-Year Fixed Mortgage Rates Stay Relatively Steady

November 4, 2009

The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased one basis point last week to 4.86%, down from 4.87% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by real estate website Zillow.com. Rates for 15-year fixed mortgages fell one basis point to 4.31% from 4.32%, and 5-1 adjustable rate mortgages fell one basis point to 3.79%, from 3.80% the week prior.

The volume of mortgage requests last week fell 9.5% from the prior week. Of last week’s requests, 43% were for refinance loans, 54% were for purchase loans and 2% were for home equity loans. The prior week, 45% of requests were for refinance loans, 53% were for purchase loans and 2% were for home equity loans.

Rates for 30-year fixed purchase mortgages fell, with the average rate on Zillow Mortgage Marketplace at 4.79%. Thirty-year fixed mortgage rates varied by state. Texas mortgage rates and Connecticut mortgage rates decreased the most, from 4.84% to 4.81% in Texas and from 4.96% to 4.94% in Connecticut. New York mortgage rates (5.03%) and New Jersey mortgage rates (5.06%) were the highest in the country, while Texas mortgage rates (4.81%), and California mortgage rates (4.83%) were the lowest.

For more information, visit www.Zillow.com.
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Popularity: 1% [?]

Written by djumper · Filed Under Real Estate Blog

Thirty Year Fixed Mortgage Rates Continue to Decline

October 30, 2009

The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased ten basis points last week to 4.87%, down from 4.97% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by real estate website ZIllow.com. Rates for 15-year fixed mortgages fell six basis point to 4.32% from 4.38%, and 5-1 adjustable rate mortgages fell seven basis points to 3.80%, from 3.87% the week prior.

The volume of mortgage requests last week fell 9.6% from the prior week. Of last week’s requests, 45% were for refinance loans, 53% were for purchase loans and 2% were for home equity loans. The prior week, 47% of requests were for refinance loans, 51% were for purchase loans and 2% were for home equity loans.

Rates for 30-year fixed purchase mortgages rose, with the average rate on Zillow Mortgage Marketplace at 4.92%. Thirty-year fixed mortgage rates varied by state. Missouri mortgage rates, and Illinois mortgage rates decreased the most, from 5.17% to 4.93% in Missouri and from 5.13% to 4.91% in Illinois. New York mortgage rates (5.03%) and Connecticut mortgage rates (4.96%) were the highest in the country, while Oregon mortgage rates (4.83%), Washington mortgage rates (4.84%), California mortgage rates (4.84%) and Texas mortgage rates (4.84%) were the lowest.

For more information, visit www.Zillow.com.

Source: RISMedia

Popularity: 1% [?]

Written by djumper · Filed Under Real Estate Blog

30-Year Fixed Mortgage Rates Increase Slightly

October 21, 2009

The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages increased two basis points last week to 4.97%, up from 4.95% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by real estate website Zillow.com. Rates for 15-year fixed mortgages rose one basis point to 4.38% from 4.37%, and 5-1 adjustable rate mortgages rose four basis points to 3.87%, up from 3.83% the week prior.

The volume of mortgage requests last week fell 9.9% from the prior week. Of last week’s requests, 47.1% were for refinance loans, 50.8% were for purchase loans and 2.1% were for home equity loans. The prior week, 52.4% of requests were for refinance loans, 45.6% were for purchase loans and 2% were for home equity loans.

Rates for 30-year fixed purchase mortgages dropped significantly, with the average rate on Zillow Mortgage Marketplace at 4.83%. Thirty-year fixed mortgage rates varied by state. Ohio mortgage rates, Connecticut mortgage rates, and Georgia mortgage rates increased the most, from 5.06% to 5.16% in Ohio, from 4.98% to 5.05% in Connecticut, and from 4.91% to 4.98% in Georgia. Ohio mortgage rates (5.16%) and New York mortgage rates (5.15%) were the highest in the country, while California mortgage rates (4.91%), Virginia mortgage rates (4.92%) and Texas mortgage rates (4.92%) were the lowest.

For more information, visit www.Zillow.com.

Popularity: 1% [?]

Written by djumper · Filed Under Real Estate Blog

Bankruptcies’ Slowdown a Good Sign, But Is It Good Enough?

October 14, 2009

In another promising sign of economic recovery, the torrid pace of personal and business bankruptcies slowed during the third quarter of 2009.

In the first quarterly decline since the overhaul of bankruptcy laws in 2005, commercial, or business, bankruptcy filings fell 4.5% to 22,710 in the third quarter from 23,782 in the second quarter, according to data compiled by Automated Access to Court Electronic Records, an Oklahoma City bankruptcy management and data company.

The 7,405 business petitions filed in August 2009 and the 7,215 in September 2009 were the first back-to-back monthly declines since November and December of 2006, AACER data show.

According to AACER, consumer bankruptcy filings from July to September continued a streak of 15 consecutive quarterly increases dating back to enactment of the Bankruptcy Abuse Prevention and Consumer Protection Act in October 2005.

However, the third-quarter increase — up 2% from the second quarter — was smaller than the 15.4% spike from the first quarter to the second quarter of 2009. The third-quarter increase also was the smallest quarterly increase since AACER began tracking the data in 2006.

The ebb in filings doesn’t mark an end to the recession — not with unemployment approaching 10%, commercial credit still tight, a new round of adjustable-rate mortgages that reset next year and tepid consumer spending amid continuing job losses. When coupled with rising home mortgage applications and a slowdown in new jobless benefit claims, however, the bankruptcy slowdown offers more hope that the economy is starting to stabilize.

“It’s certainly not bad news that they’re leveling off,” said Robert Lawless, a law professor at the University of Illinois and a bankruptcy expert. “When filings are going down it’s an indication that things are probably doing better. But if you want to use bankruptcy filings as an indicator of the economy, we have to recognize they’re a weak indicator and a lagging indicator at that.” Lawless said the moderation in third-quarter filings was less impressive because the filing rate for all bankruptcies still hovers at about 6,000 a day. That rate has held fairly steady since March 2009.

Personal bankruptcies, which topped 1 million for the year in September, dominate the filings; commercial bankruptcies account for only about 350 filings a day. For the first nine months of the year, personal bankruptcies are up more than 34% over 2008.

Along with the credit squeeze and tight economy, Lawless said this year’s higher bankruptcy rates stem from the 2005 law, which made it harder for people to write off their debt. That law led to a rush of filings in 2005, which artificially depressed filing rates in 2006 and 2007. “The story since then has been that bankruptcy filings have been going back to their natural level before the law was enacted,” Lawless said. Lawless and other experts expect more than 1.4 million personal and commercial filings this year, which is about the same level as it was in the late 1990s and prior to the 2005 law, he said.

For the year, commercial bankruptcy filings are up 45%, from 46,122 filings in 2008 to 66,967 through September, AACER data show. The business bankruptcy filings reported by AACER are typically higher than official government figures.

AACER President Mike Bickford said his company records any filing as a commercial bankruptcy if, instead of a Social Security number, the petition is filed with a taxpayer identification number or with some other indication that it’s a commercial case, such as the phrase “doing business as.” Included in these filings are many sole proprietors whose bankruptcy petitions wouldn’t be considered business filings under government tallies.

Thirteen states showed a decline in total filings from August to September, led by North Dakota and Texas, down 17% and 16% respectively. Georgia followed with an 11% reduction, and Nevada’s September filings dipped 8% from August. Nevada led the nation in filings per capita, at more than 11 per 1,000 residents. Tennessee was next with nearly eight, while Georgia, Indiana and Alabama averaged more than 7 per 1,000 residents. Nevada also had the greatest year-to-year increase in per-capita filings, followed by Arizona, California, Utah and Michigan. Alaska had the lowest filing rate: just over one per 1,000 residents. The District of Columbia was next at nearly two per 1,000. South Carolina, Texas and South Dakota averaged just over two filings per 1,000. Arizona led the nation with a 72% increase in average filings per month from a year earlier. Nevada was next, up 59%, followed by Wyoming’s 57% increase. Utah and California were next with increases of 54% and 53% respectively.

National 30-Year Fixed Mortgage Rate Falls Below 5%; Half of Borrowers Request Refinance Loans

October 6, 2009

The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased last week to 4.96%, down from 5.02% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by real estate website Zillow.com. Rates for 15-year fixed mortgages fell to 4.39% from 4.42%, and 5-1 adjustable rate mortgages fell to 3.85%, down from 3.94% the week prior.

The volume of mortgage requests increased significantly last week from 10,963 to 13,081. Of this week’s requests, 50.2% were for refinance loans, 47.7% were for purchase loans and 2.1% were for home equity loans. Last week, 43.7% of requests were for refinance loans, 54.1% were for purchase loans and 2.2% were for home equity loans.

Average Rate Average Rate
Mortgage Type Week ending 10/4/09 Week ending 9/27/09 % Change
30-year fixed 4.96% 5.02% -1.2%
15-year fixed 4.39% 4.42% -0.7%
5-1 ARM 3.85% 3.94% -2.3%

Rates for 30-year fixed purchase mortgages decreased further, with the average rate on Zillow Mortgage Marketplace at 4.94%. Thirty-year fixed mortgage rates varied by state. Oregon mortgage rates and Ohio mortgage rates decreased the most, from 5.10% to 4.97% in Oregon and from 5.13% to 5.03% in Ohio. Illinois mortgage rates (5.16%), Maryland mortgage rates (5.10%) and New York mortgage rates (5.10%) were the highest in the country, while Texas mortgage rates (4.88%) and California mortgage rates (4.89%) were the lowest.

For more information, visit www.Zillow.com.

National 30-Year Fixed Mortgage Rate Falls Back Under 5%

30-Year Fixed Mortgage Rate Increases for First Time Since Mid October

30-Year Fixed Mortgage Rate Continues Rapid Fall

30-Year Fixed Mortgage Rates Stay Relatively Steady

Thirty Year Fixed Mortgage Rates Continue to Decline

30-Year Fixed Mortgage Rates Increase Slightly

Bankruptcies’ Slowdown a Good Sign, But Is It Good Enough?

National 30-Year Fixed Mortgage Rate Falls Below 5%; Half of Borrowers Request Refinance Loans

Corinth Mississippi

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