New mortgage loan rules beginning on Jan. 10, 2014 could limit the current availability and cost of mortgage loans but experts state that the real impact is in the long-term. The new lending rules are an amendment of Regulation Z of the Dodd-Frank Act. According to the Consumer Financial Protection Bureau, lenders must confirm that a borrower’s debt-to-income ratio is less than 43 percent.
Mortgage Loans News
Dec, 19, 2013
Major interest rate shifts occurred this week for adjustable mortgages while fixed rates barely changed. Reports provided by loans.org found that for the week ending Dec. 19, 2013, the 30-year fixed-rate mortgage barely changed, only increasing one basis point from 4.33 percent to 4.34 percent. The 15-year FRM meagerly increased from 3.28 percent last week to this week’s average of 3.3 percent.
Dec, 12, 2013
The upcoming holiday season brought minimal changes for mortgage interest rates despite statistical signs of a housing recovery. Mortgage interest rate reports provided by loans.org show very little movement for the week ending Dec. 12, 2013. The 30-year fixed-rate mortgage decreased three basis points from 4.3 percent to 4.27 percent this week. The 15-year FRM shifted downwards from an average of 3.26 percent to 3.24 percent. The 5/1 adjustable-rate mortgage also decreased minimally, dropping from 2.75 percent last week to 2.72 percent this week.
Dec, 5, 2013
Fixed mortgage loan interest rates changed considerably this week while adjustable rates barely changed, according to rate reports provided by loans.org. For the week ending Dec. 5, 2013, the 30-year fixed-rate mortgage averaged 4.32, a 14 basis point increase from 4.18 percent set last week. The 15-year FRM averaged 3.29 percent, another large increase from 3.17 reported previously.
Nov, 27, 2013
Home loan interest rates continue their moderate changes seen last week according to rate reports supplied by loans.org. Although this week’s interest rates changed more than last week, when two out of three rates remained the same, it was minimal. For the week leading up to Thanksgiving Day and ending on Nov. 27, 2013, the 30-year fixed rate mortgage averaged 4.16 percent. This rate was a small four-basis-point increase from one week prior.
Nov, 21, 2013
Non-existent or minimal changes for mortgage interest rates created some stability in the housing market this week. Both fixed rates remained the same. For the week ending on Nov. 21, 2013, the 30-year fixed-rate mortgage flatlined at last week’s rate of 4.17 percent. The 15-year FRM remained stable at 3.15 percent this week. The only mortgage interest rate to change was the 5/1 adjustable-rate which increased minimally from 2.76 percent to 2.78 percent.
Nov, 14, 2013
Mortgage loan interest rates were impacted by several industry factors and continued to increase according to this week’s rate reports. Despite a general upwards trend, over the past few weeks all three mortgage loan interest rates have changed minimally, usually increasing less than 10 basis points per week. Both fixed and adjustable interest rates decreased due to the government shutdown in September, but all three rates have slowly rebounded in the following weeks.
Nov, 7, 2013
Fixed home loan interest rates increased while adjustable rates declined this week according to rate reports provided by loans.org. For the week ending Nov. 7, 2013, the 30-year fixed-rate mortgage averaged 4.06 percent, an eight basis point increase from 3.98 percent set last week. The 15-year FRM shifted upwards this week from 3.03 percent to 3.08 percent. Adjustable rates acted in an opposing manner. The 5/1 adjustable-rate mortgage dropped from 2.71 percent to 2.69 percent this week.
Oct, 31, 2013
Mortgage interest rates continued a two-week decline which created a positive stimulus for borrowers but conversely reduced any possibility for the Fed bond purchase program to decrease. Rate reports provided by loans.org show that all three primary mortgage interest rates decreased slightly for the week ending Oct. 31, 2013. The 30-year fixed-rate mortgage dropped from 3.99 percent last week to this week’s average of 3.94 percent. The 15-year FRM averaged 3.0 percent, a decline from 3.03 percent reported last week.
Oct, 24, 2013
Both fixed and adjustable mortgage loan interest rates dropped at least 15 basis points this week, according to rate reports supplied by loans.org. During the week ending on Oct. 24, 2013, the 30-year fixed rate mortgage averaged 3.96 percent. This was a decrease from 4.11 percent reported last week. The 30-year rate has not dipped below four percent since the week ending on June 13, 2013.