FHFA discontinued the Monthly Interest Rate Survey due to dwindling participation. The final MIRS release was on 5/29/2019. FHFA is designating an adjusted version of Freddie Mac’s 30-yr FRM Primary Mortgage Market Survey (PMMS), called "PMMS+," as the replacement for the MIRS ARM Index.
Bankrate.com, which puts out a weekly mortgage rate trend index, found that two-thirds of the experts it surveyed expect rates to remain relatively stable in the coming week. “pending clear direction.
Bankrate’s mortgage rate trend index also predicts rates will go down even further in the next week. Housing value also saw a decline in April of 0.1%, according to Zillow. This was the first monthly.
If you have an adjustable-rate mortgage, you interest rate may vary from month-to-month, or year-to-year, based on the index associated with your loan. There are a variety of “mortgage indexes” in use today that these mortgage loans are tied to, which we will discuss at greater length below.
For an adjustable-rate mortgage, the index is a benchmark interest rate that reflects general market conditions and the margin is a number set by your lender when you apply for your loan. The index and margin are added together to become your interest rate when your initial rate expires.
On July 3rd, 2019, the average rate on the 30-year fixed-rate mortgage is 3.99%, the average rate for the 15-year fixed-rate mortgage is 3.46%, and the average rate on the 5/1 adjustable-rate.
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Mortgage rates receded to the lowest level in 16 months. For the 17th time out of the 21 weeks of 2019, the reit indexes (vnq and IYR) finished the week higher, continuing to feel the tailwinds of.
Mortgage rates are dropping to fresh lows. July could provide some of the lowest rates seen in over 2 years. This is the chance mortgage rate shoppers have been waiting for.
Tip #1: If you are shopping for the best reverse mortgage interest rate, be sure to first compare the programs payment options explained in detail below. Many prospects first lean to a fixed rate but find the mandatory lump sum unattractive when compared to the flexibility of a line of credit option or monthly payment plans featured on variable interest rate options.