Record low rates spur mortgage application filings

External Link: RBA vs US interest rates The effect? It was supposed to spur. of mortgage hikes in coming months, the RBA will have no option but to hack into its already record low of 1.5 per cent.

Record-Low Mortgage Rates Spur Refi Activity. New-home purchase loan applications decreased by 8.3% from the prior week and were 37.1% lower than in the year-earlier week. A total of 83.1% of all loan applications last week were for refinancing existing mortgages, up from 78.9% in the prior week and the highest refinance share since January 2009.

The further drop in 30-year mortgage interest rates, to an 18-month low of 3.8%, is starting to be reflected in mortgage applications. Here’s what Capital Economics sees.

The average rate for 30-year fixed loans sank to 4.69 percent, from 4.75 percent last week, mortgage company Freddie Mac said Thursday. That’s an all-time low for rates Freddie Mac has tracked.

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A mortgage refinancing boom is on. The reason is obvious: Interest rates on 30-year fixed-rate mortgages have fallen to an 18-year low of around 8.25 percent, compared to 10 percent as recently as.

Mortgage rates are setting new records for all-time lows. For the seventh time in eight weeks, we are seeing record low mortgage rates. According to Freddie Mac’s weekly survey, the average prime offer rates for 30-year fixed mortgages are at a 3.66% rate, which is down from last week’s average rate of 3.71% rate.

Rates remain at record lows. A basis point is one-hundredth of 1 percentage point. The mortgages in this week’s survey had an average total of 0.36 discount and origination points. One year ago, the mortgage index was 5.25 percent; four weeks ago, it was 4.53 percent.

Rates continue to defy predictions, now at another year-low record, despite the current Fed meeting. Since December of last year, the Fed has raised its key rate by a quarter of a point thrice. Yet, mortgage rates remained relatively steady, even posing for new low records every now and then.

Mortgage interest rates can be either fixed or adjustable. Adjustable-rate mortgages (ARMs) may start low and change over the term of the. lender has reviewed your financial statements, income.

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Low rates spur remortgaging spike. but with overall mortgage activity down it still accounted for two-fifths (37 per cent) of total lending in February – the largest amount since March 2011.