Average US rate on 30-year mortgage falls to 3.62 percent

The 30-year fixed-rate mortgage dropped to 3.62% for the week ending February 25, 2016, down from last week when it averaged 3.65%.

The most prevalent rate for a conventional 30-year fixed mortgage was 3.625%.

BOTTOM LINE: Assuming a borrower gets the average 30-year conforming fixed rate on a $417,000 loan, last year’s rate of 3.80 percent and payment of $1,943 is $42 more than this week’s payment of $1,901. Since the beginning of 2016, 30-year rates have fallen nearly 40 basis points helping housing markets sustain their momentum into this year.

The 3/1 Adjustable Rate Mortgages have been offered at 2.875% now yielding an April of 3.364% to start. 15 year fixed rate mortgage interest rates have been listed at 3.21% at the bank today carrying an April of 3.355%. The yield on the 10-year Treasury bond has dropped to strikingly low levels below the significant 2-per cent mark.

The new loans allow borrowers to make down payments of as little as 3 percent, less than the 3.5 percent minimum required for loans backed by the FHA.

Average long-term US mortgage rates fell this week as anxiety over the global economy persisted.

President Barack Obama signed a bill Wednesday that includes a provision banning US imports of fish caught by slaves in Southeast Asia, gold mined by children in Africa and garments sewn by abused women in Bangladesh. And despite mortgage rates staying below 4%, more homebuyers might be priced out of the market as housing prices continue to rise. In January, it grew at an annual rate of 9/6 percent after December’s expansion of 6.7 percent. “The new home sales estimate is derived using mortgage application information from the BAS, as well as assumptions regarding market coverage and other factors”, the report noted.

The elimination of some items to create a comfortable, uncluttered appearance is often a key step in staging. The study found that most homeowners underestimate what their home… In other cases the owner might contract with an independent stager.

Morris Davis teaches real estate finance at Rutgers University.

“As 2016 gets underway, there has been a definite slowdown in the velocity of commercial real estate sales volume, per Real Capital Analytics”. 10/1 ARM interest rates stand at 3.500% today and an April of 3.554%.