Posted on 04/18/2022 7:56:12 AM PDT by fireman15
After briefly falling below 6% last Friday, the average rate for a 30-year fixed-rate mortgage jumped up to 6.875%, increasing by more than one percentage point. The rate is nearly two percentage points higher than the average rate just one month ago.
Rates for most other loan categories increased as well, although not quite so dramatically. The average rate on a 15-year fixed-rate loan, however, moved lower.
The latest rate on a 30-year fixed-rate mortgage is 6.875%. ⇑ The latest rate on a 15-year fixed-rate mortgage is 5.143%. ⇓ The latest rate on a 5/1 ARM is 4.258%. ⇑ The latest rate on a 7/1 ARM is 4.414%. ⇑ The latest rate on a 10/1 ARM is 4.49%. ⇑
Money’s daily mortgage rates reflect what a borrower with a 20% down payment and a 700 credit score — roughly the national average score — might pay if he or she applied for a home loan right now. Each day’s rates are based on the average rate 8,000 lenders offered to applicants the previous business day. Freddie Mac’s weekly rates will generally be lower since they measure rates offered to borrowers with higher credit scores.
Today’s 30-year fixed-rate mortgage rates The 30-year rate is 6.875%. That’s a one-day increase of 1.021 percentage points. That’s a one-month increase of 1.988 percentage points.
(Excerpt) Read more at msn.com ...
Right in line with the increased cost of energy and food. Brandan's policies are like the perfect storm for economic and social disaster
Crystal River. Half acre. Feels rural but close to everything. I lived just north of Orlando for 20 years before moving to MD so for me it’s like going home :)
Wow...just over a year ago, we refi’d and got 2.5% from CF Bank. At the time, people on FR were telling me it was a scam, but we actually got that fixed 30 year rate. Thank God.
“Money's daily mortgage rates reflect what a borrower with a 20% down payment and a 700 credit score — roughly the national average score — might pay if he or she applied for a home loan right now. Each day's rates are based on the average rate 8,000 lenders offered to applicants the previous business day.”
Mortgage Daily News is posting lagging numbers that will reflect the current situation somewhere down the road.
“Mortgage News Daily is a news and social media website serving the Mortgage, Real Estate Housing Industries. The website serves over 50,000 members, combining the housing industry with a social media platform.”
https://en-academic.com/dic.nsf/enwiki/11767164
I am afraid that their mission is causing them to sugarcoat the actual situation to try and delay the inevitable. But we will see,.. I hope that I am wrong.
“I’m seeing 4.875% with no points from a number of lenders today “
Link, please.
How weird is that? The MSN/Money.com and your linked Forbes articles are FAR apart for 30 year fixed mortgages...
MSN — 6.875%
Forbes — 5.30% / APR 5.32%
They differ by almost 1.6 points!
The median home buyer credit score today is about 770, so they will do better than MND
Go to zillow.com and check mortgage rates (or bankrate.com and do same)
Forbes is way more accurate.
“Go to zillow.com “
Your post:
“I’m seeing 4.875% with no points from a number of lenders today “
Zillow is showing about 5.3 but conditions not shown.
CD and savings rates are still crap.
I’m literally staring at my screen right now at Zillow for 4.3% 30 yr fixed 0 points, $970 lender fees in total, 25% down on a $1.2 million home from CIT bank (first citizens) with 3 other lenders at 4.3875% fixed with 0 lender fees with the same. It was a 4.875% from multiple lenders at 20% down on a $450k home in my zip code. Go into actually get a quote and fill out the (non-personal) information and you’ll see.
The #s I have given also assume 760+ credit score, which the median score of buyers today is about 775 so that would cover most.
“I’m literally staring at my screen right now at Zillow “
Then send the dang link!
“The #s I have given also assume 760+ credit score, which the median score of buyers today is about 775 so that would cover most.”
The latest I saw is 759.
That sounds a little optimistic too me and probably most others who have checked their own credit score. But there are as many versions of credit scores and you qualify it by including “median home buyer”. It really makes no difference however because what we are looking at in this instance is a trend measured by a specific set of criteria.
So I repeat, “Money's daily mortgage rates reflect what a borrower with a 20% down payment and a 700 credit score — roughly the national average score — might pay if he or she applied for a home loan right now. Each day's rates are based on the average rate 8,000 lenders offered to applicants the previous business day.”
This is a measure with a very specific set of criteria with a sample from 8,000 lenders. They just recorded a dramatic almost unheard of overnight rate increase. Whether or not this applies directly to the rates paid by others defined by a completely different set of criteria is basically meaningless. The significance is in the increase.
It is like if you were paying a dollar for an apple at your local market and overnight the price went up to a $1.25 at 8000 local markets. At Costco the price might have been $.75 for an apple and because they likely purchase from a different supplier there could be a delay in the increase or maybe none at all depending on the time of the year.
I felt the increase noted in the article was significant and worth people's attention.
Those are for non-conforming jumbo loans which have additional conditions beyond just a good credit score.
My daughter and her husband just closed on a house Friday and they had locked in a 4.6% rate and had best be thankful they did at this point. She worked through college and let me manage her money and I had a nice nest egg of $10K in savings, her car paid off and running great and she got through college with no loans. Her new husband has worked since high school and had $20K in savings.
Still upon asking me about buying a house and all that comes with it: taxes, insurance, upkeep etc... He said man that’s a lot of things just to own a home. I said think it over before you buy, both of you. They decided to buy.
With high gas prices and high prices on everything else and now the interest rate jumps get ready for 2008 redux.
“Go into actually get a quote “
And get a bunch of lenders contacting me ...
You do realize of course that the links to lenders on Zillow are no guarantee of the offer that they will give to you even if your credit score is 849.9? The lenders with the lowest quoted rates get the most responses. If you start actually making serious inquiries you will likely find that what I am telling you is accurate.
Of course, mortgage brokers are known to be the most reputable and well respected of all professionals... right up their with lawyers and Realtors. /s
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