The Home Buyer's Korner

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January 8th, 2015

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Average Mortgage Rates for January 8th, 2015


Concerns continue to mount about economic recovery in the European Union and Asia and mortgage rates have dropped to a twenty month low.  According to Freddie Mac’s Weekly Mortgage Rate Survey the average rate for a 30-year conventional loan has fallen to 3.73 percent, and down from last week’s rate of 3.87 percent. The average rate for 15-year fixed mortgage rate has also dropped to an average of 3.05 percent and down from 3.15 percent last week. The average one year adjustable rate mortgage dropped one base point to 2.39 percent and the average rate for a 5/1 adjustable rate mortgage dropped to 2.98 percent from last week’s rate of 3.01 percent. Discount points were 0.60 for 30-year fixed rate mortgages and 0.50 for 15-year fixed rate mortgages, while discount point were at 0.50 percent for 5/1 adjustable rate mortgages and remained the same for a one year adjustable rate mortgage at 0.40%. 

Fortunately, many government leaders in the U.S. had been able to resist implementing sever sequester measures similar to those of the European Union, which has proven to be a failure for economic recovery across the pond. Although many political pundits have wanted to point to sequester as the measure that has created a U.S recovery, we need only look at the European Union’s austerity measures to debunk a failed policy and one that closely resembles our own sequester measures the previous Congress imposes on Main Street.

Home buyers and those wanting to refinance their mortgage are currently seeing positive indicators in the U.S. economy, including declining requests for unemployment benefits, rising consumer confidence and increases in wages.

Our contrasts in financial policy with a European Union has posed their Central Bank to consider launching its own bond-buying program similar to the stimulus program implemented by Ben Bernanke under the Obama Administration later this month.

Many other countries around the globe, from Brazil to China that were considered darling as emerging economies are now slowing and have spooked investors around the world, prompting them to invest in ultra-safe U.S. government bonds, causing mortgage interest rates to fall and could even delay the Federal Reserve’s plan to raise short term interest rates in mid-2015.



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