Mortgage rates

2022 - 7 - 13

Mortgage And Refinance Rates, July 13 | Rates rising today (The Mortgage Reports)

So far this morning, mortgage rates today look likely to rise, perhaps sharply. That follows worse-than-expected inflation figures published at 8:30 a.m. (ET).

“Shopping around for your mortgage has the potential to lead to real savings. Fannie’s were published on Jun. 16, and the MBA’s on Jun. 10. If you don’t do that, your rate would be closer to the ones we and others quote. The index for all items less food and energy increased 0.7 percent in June (SA); up 5.9 percent over the year (NSA).” - It can take markets a while to fully digest new data. A lot is going on at the moment. But, with that caveat, mortgage rates today look likely to rise. Before the pandemic and the Federal Reserve’s interventions in the mortgage market, you could look at the above figures and make a pretty good guess about what would happen to mortgage rates that day. So we only count meaningful differences as good or bad for mortgage rates. The opposite may happen when indexes are lower. Don't lock on a day when mortgage rates look set to fall. Average mortgage rates fell again yesterday, though only moderately.

Current National Refinance Rates: July 13, 2022—Current ... (Forbes)

A 20-year fixed-rate mortgage refinance of $100,000 with today's interest rate of 5.71% will cost $700 per month in principal and interest. Taxes and fees are ...

Borrowers with a 15-year fixed-rate jumbo mortgage refinance with today’s interest rate of 4.97% will pay $789 per month in principal and interest per $100,000. You may want to refinance your home mortgage, for a variety of reasons: to lower your interest rate, reduce monthly payments or pay off your loan sooner. You can calculate this by dividing your closing costs by the monthly savings from your new payment. Lenders are also more likely to approve you if you don’t have excessive monthly debt. You may also be able to use a refinance loan to get access to your home’s equity for other financial needs, like a remodeling project or to pay for your child’s college. You also should keep an eye on mortgage rates for various loan terms. You’ll need to know the loan’s closing costs to calculate the break-even point where your savings from a lower interest rate exceed your closing costs. You would pay around $41,781 in total interest over the life of the loan. Over the life of the loan, you would pay around $67,952 in total interest. The average interest rate on the 30-year fixed-rate jumbo mortgage refinance is 5.77%. Last week, the average rate was 5.50%. The 30-year fixed rate on a jumbo mortgage is higher than the 52-week low of 5.26%. The average interest rate on the 15-year fixed-rate jumbo mortgage refinance dropped to 4.97%. Last week, the average rate was 4.76%. The 15-year fixed rate on a jumbo mortgage is higher than the 52-week low of 4.56%. The average interest rate on the 15-year fixed refinance mortgage stayed at 4.94%. Last week, the 15-year fixed-rate mortgage was at 4.82%. Today’s rate is higher than the 52-week low of 4.56%.

Savings window opens: 30-year mortgage rates tumble | July 13, 2022 (Fox Business)

Check out the mortgage rates for July 13, 2022, which are largely down from yesterday.

- Home location/price — Interest rates can vary depending on what state you live in and where in the state you’re buying. The rates also assume no (or very low) discount points and a down payment of 20%. Today’s mortgage interest rates are well below the highest annual average rate recorded by Freddie Mac – 16.63% in 1981. - Down payment amount — Generally, lenders (and many sellers) look favorably on a higher down payment amount. The historic drop in interest rates means homeowners who have mortgages from 2019 and older could potentially realize significant interest savings by refinancing with one of today’s lower interest rates. Buyers looking for a combination of a lower interest rate and smaller monthly mortgage payments may want to consider 15-year rates, which are the lowest they’ve been in five days. To find great mortgage rates, start by using Credible’s secured website, which can show you current mortgage rates from multiple lenders without affecting your credit score. These rates are based on the assumptions shown here. These rates are based on the assumptions shown here. What this means: Rates for a 30-year mortgage edged down today, giving buyers a chance to save on interest with a longer repayment term. Rates last updated on July 13, 2022. Rates last updated on July 13, 2022.

Today's Mortgage Rates & Trends - July 13, 2022: Rates inch down (Investopedia)

National averages of the lowest rates offered by more than 200 of the country's top lenders, with a loan-to-value ratio (LTV) of 80%, an applicant with a FICO ...

They may involve paying points in advance, or may be selected based on a hypothetical borrower with an ultra-high credit score or taking a smaller-than-typical loan given the value of the home. The resulting rates are representative of what customers should expect to see when receiving actual quotes from lenders based on their qualifications, which may vary from advertised teaser rates. Macroeconomic factors have kept the mortgage market relatively low for much of this year. Rates on refinancing loans were mixed Tuesday, with the 30-year refi average declining five basis points while the 15-year rose three points. The Jumbo 30-year refi average gave up a bold 12 basis points. After dramatically sliding and then climbing most of the way back up last week, the 30-year average has declined about an eighth of a percentage point this week.

Today's best mortgage and refinance rates, July 13th, 2022: Majority ... (Bankrate.com)

It is currently a favorable time to take out a mortgage or refinance your current loan: the average 30-year fixed-mortgage rate is 5.69, the average rate ...

The 30-year fixed mortgage is the most popular loan for homeowners. The average rate for the benchmark jumbo mortgage is 5.67 percent, an increase of 17 basis points from a week ago. The days of sub-3 percent mortgage interest on the 30-year fixed are behind us, and rates rose past 5 percent in 2022. The average rate for a 30-year fixed mortgage is 5.69 percent, an increase of 12 basis points from a week ago. The average 30-year fixed-refinance rate is 5.68 percent, up 16 basis points from a week ago. Although they have higher monthly payments compared to 30-year mortgages, there are some big benefits if you can afford the upfront costs. Because of the predictability, you can plan your housing expenses for the long term. “Low interest rates were the medicine for economic recovery following the financial crisis, but it was a slow recovery so rates never went up very far,” says Greg McBride, CFA, Bankrate chief financial analyst. Monthly payments on a 15-year fixed mortgage at that rate will cost roughly $525 per $100k borrowed. With a 15-year mortgage, however, borrowers can pay off their loan in half the time — if they’re able and willing to enlarge the amount of their monthly loan payment. Rates could be considerably higher when the loan first adjusts, and thereafter. “All too often, some homeowners take the path of least resistance when seeking a mortgage, in part because the process of buying a home can be stressful, complicated and time-consuming,” says Mark Hamrick, Bankrate senior economic analyst.

Demand for big mortgages is shrinking as home prices moderate ... (CNBC)

Mortgage demand continues to drop, especially for larger loans, as home prices moderate and fewer expensive houses sell.

At the same time last year, the average mortgage rate was 3.09%. There are very few remaining borrowers who don't already have lower rates on their mortgages and who could benefit from a refinance. "Purchase applications for both conventional and government loans continue to be weaker due to the combination of much higher mortgage rates and the worsening economic outlook," said Joel Kan, an MBA economist. Buyers have been pulling back due, in part, to higher mortgage rates, but rates held steady last week.

Mortgage application volume dips 1.7% led by decline in purchase ... (HousingWire)

Demand for mortgages declined for two consecutive weeks, led by a dip in purchase mortgage applications despite rates on a downward trend.

The refi share of total applications rose to 30.8% last week, largely due to an uptick in conventional and Federal Housing Administration (FHA) refinances. About $2.3 trillion, more than 40% of the $4 trillion origination volume, came from refis in 2021. Jumbo mortgage loans (greater than $647,200) dipped to 5.25% from 5.28%. Freddie Mac PMMS showed purchase mortgage rates dropped 40 basis points to 5.3% last week. The FHA share of total applications decreased to 11.7% from the previous week’s 12%. The United States Department of Agriculture (USDA) share also declined to 0.5% from the week prior’s 0.6%. The Veterans Affairs (VA) share of total applications slightly rose to 11.2% from 11.1%. The market composite index, a measure of mortgage loan application volume, decreased 1.7% for the week ending July 8, according to the Mortgage Bankers Association (MBA). The refinance index rose 2% from a week earlier and the purchase index dropped 4%.