Mortgage applications at Bank of America jumped 80% between January and March. Some of that is seasonality with the spring home-buying season kicking off, but not all. Typically the bank sees about a 60% increase in applications this time of year. In January, mortgage rates were hovering around 7%. By March, they’d come down closer to 6.5%.
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors’ opinions or evaluations. If you have your sights set on a higher-end home, you may find you don’t qualify for some lending options. The same may be true if you live in an area with a competitive
It was a well-timed week for mortgage rates to stabilize: The 30-year mortgage averaged 6.77% in the week ending March 27, down three basis points from the previous week. A basis point is one one-hundredth of a percentage point. A three-basis-point decline sounds kind of measly, but it stopped a two-week streak of rising rates.
PROVIDENCE – A Rhode Island mortgage broker who fleeced investors and the US government out of approximately $4.5 million, using the cash for personal purchases and to repay other investors as he ran a Ponzi scheme, was sentenced Thursday to more than four years in federal prison. A US District Court judge in Providence ordered
National Averages of Lenders’ Best Rates – New Purchase Loan Type New Purchase Rates Daily Change 30-Year Fixed 6.83% No Change FHA 30-Year Fixed 7.35% No Change VA 30-Year Fixed 6.46% +0.04 20-Year Fixed 6.60% +0.01 15-Year Fixed 5.96% -0.01 FHA 15-Year Fixed 6.80% No Change 10-Year Fixed 5.71% -0.37 7/6 ARM 7.34% No Change
00:00 Brad Mortgage rates for the week ending March 27th are out. Yahoo Finance’s Claire Boston joins me now with the numbers. Hey Claire. 00:07 Claire Boston Hi Brad. So this week, the 30-year mortgage rate is at 6.65%, that is basically flat from 6.67% last week. And 15-year mortgage rates, they rose slightly to
By ALEX VEIGA, AP Business Writer The average rate on a 30-year mortgage in the U.S. fell slightly this week, a welcome reversal for homebuyers in what is traditionally the busiest time of the year for the housing market. The rate fell to 6.65% from 6.67% last week, mortgage buyer Freddie Mac said Thursday. A
The average rate on a 30-year mortgage in the U.S. fell slightly this week, a welcome reversal for homebuyers in what’s traditionally the housing market’s busiest time of the year. The rate fell to 6.65% from 6.67% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.79%. This is the
A reverse mortgage is a type of home loan for older homeowners who have significant equity in their property. Rather than making monthly mortgage payments to a lender every month to pay down your balance, the reverse mortgage lender sends you payments as you tap your home’s equity. It can be a good source of
Key Takeaways Rates on new 30-year mortgages have moved between 6% and 8% for almost all of the last two-and-a-half-years. It’s unclear when—or even if—mortgage rates will fall significantly from these levels in the foreseeable future. But wherever mortgage rates stand, you can reduce the rate you personally pay by improving your credit score, paying