Rates Report - April 30, 2016
May 4th, 2016 7:53 AM

Freddie Mac, the Mortgage Brokers Association (MBA) and HSH Market Trends reported rising mortgage interest rates last week. 

In their survey on April 28th, Freddie Mac reported that 30-year fixed-rate mortgages rose to 3.66% from 3.59% the previous week. They also noted that last year at this time the 30-year rate was at 3.68%.

Additional information from Freddie Mac can be found by going to: Primary Mortgage Market Survey PMMS - Freddie Mac

The MBA reported on April 27th (for the week ending April 22nd) that 30-year rates with conforming loan balances ($417,000 or less) increased, from 3.83% to 3.85%.   The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) moved upward from 3.77% to 3.78% while rates for FHA backed mortgages also rose, moving from 3.64% to 3.66%. 

Mortgage applications declined by 4.1% from the previous period.  Refinance applications as a percentage of all applications fell from 55.4% to 54.4%. The FHA share of applications increased to 12.3% from 10.6% and the VA share fell from 12.6% to 12.2%.

Additional information from the Mortgage Bankers Association can be found by going to their site at: Research and Forecasts - Mortgage Bankers Association

On April 29th, Market Trends reported that 30-year mortgage rates rose from 3.68% to 3.76% and rates for FHA-backed mortgages also moved upward, to 3.56% from 3.52%.  

Additional information from HSH can be found by going to: HSH.Com

For all your Residential and Commercial Real Estate Appraisal needs please contact:
James M. Hanson Associates, Inc.
Phone: (609) 884-9185

Community Resource Links
Cape May Chamber of Commerce
Cape May County Chamber of Commerce
Avalon Chamber of Commerce
Atlantic City Chamber of Commerce

Posted in:General
Posted by James M. Hanson on May 4th, 2016 7:53 AMPost a Comment

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