Rates Report - June 23, 2016
June 28th, 2016 10:30 AM
Freddie Mac, the Mortgage Brokers Association (MBA) and HSH Market Trends reported mixed results in mortgage interest rate movement last week.  

Freddie Mac reported in their June 23rd survey that 30-year fixed-rate mortgages rose to 3.56% from 3.54% the previous week. They also noted that last year at this time the 30-year rate was at 4.02%. Additional information from Freddie Mac can be found by going to: Primary Mortgage Market Survey PMMS - Freddie Mac

The MBA reported on June 22nd (for the week ending June 17th) that 30-year rates with conforming loan balances ($417,000 or less) declined, from 3.79% to 3.76%.   The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) fell to 3.70% from 3.75%.  Rates for FHA backed mortgages were unchanged from the previous week at 3.61%%. 

Mortgage applications increased by 2.9% from the previous period.  Refinance applications as a percentage of all applications moved up from 55.3% to 57.7%. The FHA share of applications declined to 11.7% from 11.8% and the VA was unchanged at 11.1%. Additional information from the Mortgage Bankers Association can be found by going to their site at: Research and Forecasts - Mortgage Bankers Association 

On June 24th, Market Trends reported that 30-year mortgage rates rose from 3.62% to 3.66% while rates for FHA-backed mortgages also moved upward, to 3.50% from 3.49%. 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 June 28th, 2016 10:30 AMPost a Comment

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