Mortgage Rates This Weekend: 30 Year Mortgage Rates at 4.01%
Mortgage rates are lower this weekend. Today’s mortgage rates on 30 year home mortgage loans are averaging 4.01%, a decrease from yesterday’s average 30 year mortgage rate of 4.05%. Mortgage rates today on 15 year home loans are averaging 3.31%, a decline from yesterday’s average 15 year mortgage rate of 3.34%.
Compare current mortgage rates from several lenders by using our rate tables here: MortgageRates.MonitorBankRates.com. Unlike most websites, no personal information is needed to view a list of mortgage rates, not even an email address.
Jumbo mortgage rates on 30 year jumbo loans are averaging 4.35%, down from yesterday’s average 30 year jumbo mortgage rate of 4.38%. Mortgage rates today on 15 year jumbo home loans are averaging 3.55%, a decrease from yesterday’s average 15 year jumbo mortgage rate of 3.62%.
Conforming Adjustable Home Loans -Today’s Mortgage Rates
1 year home loan adjustable current mortgage rates are averaging 3.57%, down from last week’s average 1 year adjustable mortgage rate of 3.61%.
3 year adjustable current mortgage rates today are averaging 2.79%, up from last week’s average 3 year adjustable mortgage rate of 2.77%.
5 year adjustable bank mortgage rates are averaging 2.65%, down from the prior week’s average 5 year adjustable rate of 2.72%.
Current 7 year adjustable mortgage rates are averaging 3.03%, up from the previous week’s average 7 year adjustable mortgage rate of 2.98%.
10 year adjustable mortgage rates currently are averaging 3.42%, down from last week’s average 10 year adjustable rate of 3.47%.
Mortgage Rates Current on Jumbo Adjustable Home Loans
Current 1 year adjustable jumbo mortgage rates are averaging 4.50%, unchanged from last week’s average adjustable jumbo mortgage rate.
3 year adjustable jumbo rates today are averaging lower at 3.33%, down from last week’s average 3 year jumbo adjustable rate of 3.36%.
5 year adjustable jumbo mortgage rates and refinance rates currently are averaging 2.93%, up from last week’s average jumbo adjustable rate of 2.90%.
7 year jumbo adjustable mortgage rates and refinance rates today are averaging 3.43%, up from last week’s average 7 year adjustable home loan rate of 3.40%.
10 year jumbo loan rates and refi rates are averaging 3.78%, up from the prior week’s average 10 year jumbo home mortgage loan rate of 3.67%.
Conforming IO AdjustableLoans – Mortgage Rates Todays
3 year interest only adjustable mortgage loan rates and refinancing rates are averaging 3.12%, down from last week’s average interest only mortgage loan rate of 3.36%.
5 year IO adjustable loan mortgage rates and mortgage refinance rates are averaging 2.87%, down from last week’s average five year interest only mortgage rate 2.89%.
7 year interest only adjustable mortgage rates and refinance rates are averaging 3.22%, up from last week’s average 7 year interest-only mortgage interest rate of 3.15%.
Current IO Jumbo Mortgage Rates
Today’s 3 year jumbo interest only adjustable loan rates are averaging 3.64%, no change from last week’s average jumbo adjustable mortgage interest rate.
Current 5 year adjustable jumbo interest only rates are averaging 3.30%, up from last week’s average IO home mortgage interest rate of 3.27%.
Today’s 7 year jumbo interest only adjustable rates are averaging 3.53%, down from last week’s average jumbo 7 year home mortgage loan rate 3.54%.
Home Equity Loan Rates
10 year home equity loan rates are averaging 6.23%, no change from last week’s average home equity loan rate.
15 year home equity rates are averaging 6.38%, no change from last week’s average home equity loan rate.
Home Equity Line of Credit
Home equity line of credit rates currently are averaging 4.84%, no change from last week’s average rate HELOC rate.
HK mortgage loans drawn down fall 16 pct in Dec vs Nov
Del. rejects settlement with mortgage lenders
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Breaking ranks yet again with its fellow states, upstart Delaware has rejected a proposed settlement with major banks over their foreclosure and mortgage servicing practices.
The state Attorney General’s Office said Tuesday that it is too early to discuss specific reasons for the refusal to join the settlement, but Attorney General Beau Biden has repeatedly stated his concern that broader efforts to hold banks accountable have not adequately or fairly addressed consumers’ interests.
The draft settlement between the nation’s five largest mortgage lenders and the states makes it unlikely that people who lost their homes to foreclosure would get their homes back or see much financial benefit. About 750,000 Americans — about half of the households who might be eligible for assistance under the deal — will likely receive checks for about $1,800.
A number of state attorneys general and activist groups fear the settlement would allow banks to pay only a fraction of what is warranted and escape legal culpability for a wide range of abuses that have yet to be fully investigated, such as the packaging of mortgages into securities sold to investors.
They also say too lenient a settlement would send a troubling message that the financial giants who helped create the housing bubble won’t be held accountable for their role in the bust.
“The settlement clearly doesn’t do anything for those that lost so much,” said Rashmi Rangan, executive director of the Delaware Community Reinvestment Action Council, a fair-lending advocate. Banks, investors and other “sophisticated” players, on the other hand, avoid the consequences, she believes.
The agreement could reshape longstanding mortgage lending guidelines and make it easier for those at risk of foreclosure to restructure their loans. And roughly 1 million homeowners could see the size of their mortgages reduced.
The proposed settlement is not contingent on unanimous support from states, and it’s possible that certain new national bank servicing standards included in the deal could apparently still apply in Delaware, despite its opposition. It remains uncertain whether Delaware consumers would be included in any reimbursement and mortgage adjustment banks agree to make.
Five major banks — Bank of America, JPMorgan Chase, Wells Fargo, Citibank and Ally Financial — and U.S. state attorneys general could adopt the agreement within weeks, according to two officials briefed on the discussions.
The Delaware Attorney General’s Office, which is pursuing separate but related legal actions against lenders, has objected to other proposed settlements on the grounds that they would not achieve some the office’s prime goals — protecting consumers against further abuse and correcting bank practices that led to the crisis.
Last fall, in a proposed settlement of claims that the securitization of mortgages harmed consumers, Delaware moved to intervene, with Biden calling for more assurances that banks would have to play by the rules.
Homebuilders Get Cameron Boost With 5% Down Payments: Mortgages
Homebuilders Get Cameron Boost With 5% Down Payments
Simon Dawson/Bloomberg
U.K. homebuilders have cut costs, changed their products and acquired discounted land over the past two years to improve margins as home sales fell to about half the level of 2006.
U.K. homebuilders have cut costs, changed their products and acquired discounted land over the past two years to improve margins as home sales fell to about half the level of 2006. Photographer: Simon Dawson/Bloomberg
The British government’s plan to
help reduce down payments for new homes to as low as 5 percent
will give a boost to a homebuilding industry that’s learned how
to survive a slowing economy and four years of stingy credit.
Mortgage lending is less than half the level of 2006, at
the end of the housing boom, with buyers now required to pay as
much as 25 percent of a home’s value up front. The program would
lower that by providing a guarantee, shared by the government
and builders, to protect lenders from some losses in a default.
U.K. homebuilders have cut costs, changed their products
and acquired discounted land over the past two years to improve
margins as home sales fell to about half the level of 2006.
Profit growth will likely accelerate from the down payment
program, said Charlie Campbell, an analyst who follows builders
at London-based Liberum Capital.
“If mortgage lending creeps up a bit and new build
continues to take share from existing stock, profits will go up
quite a lot because the input costs have come down,” Campbell
said in a telephone interview. The government measure may lift
prices by as much as 3 percent above current estimates and boost
homebuilder shares, he said in a note to investors.
Housing construction may rise by 15 percent or more after
the measure goes into effect in the second quarter, Taylor
Wimpey Plc (TW/) Chief Executive Officer Pete Redfern said on Jan 17.
The same day, the company said it would meet a profit-margin
target early after home sales increased 2 percent in 2011.
Santander Sells Bonds
Lenders in the U.K. are the most active issuers of
residential mortgage-backed securities in Europe, which banks
create by pooling home loans and selling them to investors as
notes. Public issuance of the securities climbed to 37 billion
euros ($47.8 billion) in 2011, according to JPMorgan Chase Co.
data, representing 74 percent of the overall distributed
European market. Sales started to shut down in 2007 as the
global financial crisis dried up credit, and began to revive in
2009.
Santander U.K. Plc, a unit of Spain’s largest bank, sold
$3.4 billion of prime mortgage-backed bonds in dollars, euros,
pounds and yen, last week, according to data compiled by
Bloomberg.
The extra yield investors demand to hold the top-rated
securities over benchmarks widened 15 basis points or 0.15
percentage point, to 165 basis points last year, JPMorgan data
show. Spreads have narrowed from 425 basis points in January
2009.
Government Stimulus
The mortgage plan is also aimed at tackling a shortage of
new homes that’s helped push prices out of the range of many
buyers. Around 240,000 new homes are needed each year to keep up
with a growing population, Steve Turner, a spokesman for the
Home Builders Federation, said by e-mail. That compares with
127,780 built in England in 2010.
Prime Minister David Cameron’s coalition of Conservatives
and Liberal Democrats is using homebuilding to stimulate the
economy and create jobs as it trims public spending to cut the
country’s record budget deficit. Gross domestic product rose 0.5
percent in the third quarter from the second, when it expanded
0.1 percent, the Office for National Statistics said Nov. 24.
Ed Balls, treasury spokesman for the opposition Labour
Party, criticized the scale of the government initiative,
calling it “rather small beer.” Investors weren’t convinced
either. The Bloomberg EMEA Homebuilders (BEUHBLD) Index fell 4.5 percent
following the Nov. 21 announcement of the lending plan.
‘Got to Deliver’
So far, shares of homebuilders haven’t reflected the
potential profit boost from the plan, according to Bovis Homes
Group Plc (BVS) CEO David Ritchie.
“You’ve almost got to deliver before people believe you
can do it,” Ritchie said in a telephone interview. “I don’t
yet think people are giving the house builders the credit when
they say they are going to grow their business. They say ‘let’s
see what you do.’”
The Bloomberg EMEA Homebuilders Index gained as much as 1.1
percent in London trading as of 10:20 a.m. Redrow Plc (RDW) led the
seven companies with a 1.57 percent increase.
Starting in the second quarter, more people seeking a new
home will be able to get a mortgage equal to 95 percent of the
property’s value as a guarantee shared by the government and the
homebuilders protects lenders from some of the losses they would
incur in a default. In July 2007, before the Northern Rock bank
collapse touched off the U.K.’s financial crisis, there were 22
mortgages available offering 110 percent of a home’s value,
according to personal finance website moneyfacts.co.uk.
Lenders Eager
“The mortgage indemnity scheme will be good news for home
buyers and developers and we are working with lenders, the
government and home builders to meet the March deadline,” Jayne
Walters, spokeswoman for the Council of Mortgage Lenders, said
by e-mail. The program will “enable more buyers to buy and so
support the flow of new housing development, with all its
positive consequences for jobs and the economy as a whole.”
The U.K. housing market crashed between 2006 and 2007, and
sales of new and existing homes have dropped by about half since
then. In the first quarter of 2011, the most recent available,
sales totaled 32,460, down from 52,710 in the first quarter of
2007, according to the Department for Communities and Local
Government.
Tight Lending
Mortgages dried up after mounting losses and plunging asset
values forced several banks to accept U.K. government bailouts
following the credit crisis. The state ended up with a 41
percent stake in Lloyds Banking Group Plc (LLOY) after a taxpayer-
financed rescue.
Mortgage approvals totaled 144,000 in the three months
through September, down from 305,800 during the same period in
2006, according to the CML. Loans to first-time buyers in the
third quarter totaled 53,600, about half the level of five years
earlier.
Seven lenders, including HSBC Holdings Plc (HSBA), Barclays Plc
and Lloyds, agreed in principle to participate in the proposal,
according to the Department for Communities and Local
Government. The homebuilders will contribute 3.5 percent of a
property’s value to an indemnity fund and the government will
add 9 percent.
“This will be a very rich channel for us to find potential
customers,” Barratt Developments Plc (BDEV) Chief Executive Officer
Mark Clare told analysts on a Jan. 12 conference call. He said
about 6,000 visitors to the company’s web site indicated their
interest in the program since it was announced two months ago.
Reinvented Homebuilders
Britain’s homebuilders moved away from high-volume
apartment development and focused on higher-margin single family
homes after facing hundreds of millions of pounds of writedowns
and falling sales in the aftermath of the housing collapse. The
companies took advantage of the slump by acquiring discounted
land to boost margins.
Taylor Wimpey said it would reach a goal of raising its
profit margin to more than 10 percent in the second half of
2011, earlier than previously forecast.
Though the 6,000 leads on Barratt’s website may translate
into only about 200 sales, the company starts the year with an
order book that’s 8.1 percent higher than a year earlier.
Forward sales excluding state housing increased 29.8 percent as
of Dec. 31 from a year earlier. Barratt sold 11,171 homes in the
fiscal year through June.
Persimmon (PSN), Britain’s second-largest homebuilder by value,
rose the most in four months on Jan. 9 after saying margins
widened and 2011 profit was at the top end of analyst estimates.
First-Time Buyers
Publicly traded homebuilders, which also include Berkeley
Group Holdings Plc (BKG), Redrow Plc and Bellway Plc (BWY), have also
benefited from earlier government programs to aid first-time
buyers. Persimmon sold 600 homes, or 12 percent of the total, in
the second half through the FirstBuy program. The plan helps
buyers get cheaper mortgages with an interest-free loan from the
developer and the government.
A proposal to release government-owned land for development
may support up to 200,000 jobs, according to the Cabinet’s
Housing Strategy report.
“We will unlock the housing market, get Britain building
again, and give many more people the satisfaction and security
that comes from stepping over their own threshold,” Cameron and
Deputy Prime Minister Nick Clegg said in a statement announcing
the government’s housing strategy.
U.K. unemployment rose to a 16-year high in the three
months through November, deepening concerns that Britain is
heading for recession. Unemployment as measured by International
Labor Organization standards rose by 118,000 to 2.69 million,
the statistics office said Jan. 18.
“It appears at this stage that these improvements are
sustainable,” Panmure Gordon Co. analyst Rachael Waring said
by e-mail. “The new government indemnity scheme that’s due to
be launched in March should mean that the new house builders
keep that flow of first time buyers that they need.”
To contact the reporter on this story:
Chris Spillane in London at
cspillane3@bloomberg.net
To contact the editors responsible for this story:
Andrew Blackman at ablackman@bloomberg.net;
Rob Urban at robprag@bloomberg.net
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Mortgage Rates: Friday, January 20, 2012: 30 Year Mortgage Rates at 4.04%
Current average mortgage rates are higher today as lenders rose rates slightly as 10 year bond yields increased on a positive jobs report. Mortgage rates on 30 year mortgage loans are averaging 4.04%, an increase from yesterday’s average mortgage rate of 4.02%. Current mortgage rates current on 15 year home loans are averaging 3.33%, up from yesterday’s average 15 year mortgage rate of 3.27%.
Search and compare mortgage rates today from several lenders by using our rate tables here: Mortgage Rates Today. Unlike most websites, no personal information is needed to view a list of mortgage rates.
Today’s mortgage rates on 30 year jumbo mortgage loans are averaging 4.38%, an increase from yesterday’s average 30 year jumbo mortgage rate of 4.37%. 15 year jumbo mortgage rates today are averaging 3.60%, an increase from yesterday’s average 15 year jumbo mortgage rate of 3.57%.
Conforming Adjustable Mortgage Loans - Current Mortgage Rates
1 year home loan adjustable mortgage rates today are averaging 3.61%, down slightly from last week’s average 1 year adjustable mortgage rate of 3.62%.
3 year adjustable current mortgage rates today are averaging 2.77%, up from last week’s average 3 year adjustable mortgage rate of 2.68%.
5 year adjustable mortgage rates are averaging 2.72%, up from the prior week’s average 5 year adjustable rate of 2.62%.
Current 7 year adjustable mortgage rates are averaging 2.98%, up from the previous week’s average 7 year adjustable mortgage rate of 2.96%.
10 year adjustable mortgage rates currently are averaging 3.47%, down from last week’s average 10 year adjustable rate of 3.48%.
Adjustable Jumbo Loans – Mortgage Rates Today
Current 1 year adjustable jumbo mortgage rates are averaging 4.50%, unchanged from last week’s average adjustable jumbo mortgage rate.
3 year adjustable jumbo rates today are averaging lower at 3.36%, up from last week’s average 3 year jumbo adjustable rate of 3.35%.
5 year adjustable jumbo mortgage rates and refinance rates currently are averaging 2.90%, up from last week’s average jumbo adjustable rate of 2.86%.
7 year jumbo adjustable mortgage rates and refinance rates today are averaging 3.40%, down from last week’s average 7 year adjustable home loan rate of 3.46%.
10 year jumbo loan rates and refi rates are averaging 3.67%, down from the prior week’s average 10 year jumbo home mortgage loan rate of 3.73%.
Conforming IO Adjustable Loans – Mortgage Interest Rates Today
3 year interest only adjustable mortgage loan rates and refinancing rates are averaging 3.36%, up from last week’s average interest only mortgage loan rate of 3.11%.
5 year IO adjustable loan mortgage rates and mortgage refinance rates are averaging 2.89%, no change from last week’s average five year interest only mortgage rate.
7 year interest only adjustable mortgage rates and refinance rates are averaging 3.15%, down from last week’s average 7 year interest-only mortgage interest rate of 3.17%.
IO Jumbo Mortgage Loans – Current Mortgage Rates
Today’s 3 year jumbo interest only adjustable loan rates are averaging 3.64%, no change from last week’s average jumbo adjustable mortgage interest rate.
Current 5 year adjustable jumbo interest only rates are averaging 3.27%, down from last week’s average IO home mortgage interest rate of 3.33%.
Today’s 7 year jumbo interest only adjustable rates are averaging 3.54%, down from last week’s average jumbo 7 year home mortgage loan rate 3.61%.
Home Equity Loan Rates
10 year home equity loan rates are averaging 6.23%, no change from last week’s average home equity loan rate.
15 year home equity rates are averaging 6.38%, unchanged from last week’s average home equity loan rate.
Home Equity Line of Credit
Home equity line of credit rates currently are averaging 4.84%, no change from last week’s average rate HELOC rate.
Mortgage Calculator
Monitor Bank Rates offers a free mortgage loan calculator with an amortization schedule you can use to calculate how much of a home loan you can afford. You can find the mortgage calculator under our “Calculators” section.
Mortgage Rates Widget
Monitor Bank Rates also offers a free mortgage rates widget including state average mortgage rates that are automatically updated daily. Our mortgage rate widgets are free for anyone to use on their website. You can find the mortgage rate widgets under our Widgets section.
