The Home Buyer's Korner

Information presented should be used for educational purposes only.

April 9th, 2015

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Average Mortgage Rates for April 9th, 2015

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Fixed mortgage rates dropped this week on news of a weakening labor market. The Freddie Mac weekly survey reported today that lenders were offering conventional 30-year loans at an average of 3.66 percent, which is down from last week’s average of 3.70 percent. 15-year mortgage loans also dropped to 2.93 percent, from 2.98 percent.

Economic growth may be slowing. The Labor Department said Thursday that claims for first-time unemployment benefits rose last week from a 15-year low set the previous week.

Jobs and inflation are the two key indicators the Federal Reserve uses to determine when they may increase benchmark short-term lending rate from near zero, where it has been held since the 2008 financial crisis. If the Fed begins to raise the rate later this year, it will affect long-term interest rates and mortgages, although the Fed has no direct control over the long rates.

Recent economic reports can be found in our “Home Economic” section of our blog and suggest that the economy has lost some momentum; allowing interest rates to fall.

“The employment report for March was rather concerning, breaking a year long string of solid gains in hiring. Economists aren’t sure if the employment numbers are just a bump in the road, or is it something more? It’s hard to know without more data as we drill through April and into the home buying season, but it does appear to be having some effect on the Federal Reserve and its timing on increasing interest-rates.

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Freddie Mac asks lenders each week about the terms that they are offering to stellar home buyers seeking mortgages for loan of $417,000 or less and conforms to their guidelines.

Average rates are based on home buyers who paid a little more approximately a half of 1 percent of the loan balance in upfront lender fees and discount points to obtain these rates. The survey provides a consistent gauge of mortgage trends, but actual rates adjust constantly and are influenced by many factors, like a home buyer’s credit histories; debt loads; and even the state in which a property is located.

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