Economy

Mortgage Rates in US Hold Flat in Late-September

Mortgage Rates in US Hold Flat in Late-September”

On an unadjusted basis, the drop in the Market Composite Index, which measures the total volume of mortgage applications, was one percent from the previous week. The seasonally adjusted Purchase Index increased 3 percent from one week earlier.

Mortgage applications have seen another week of decline-this time because Americans are postponing their decision to refinance their mortgages, amid the rising costs of refinancing. The fee on an adjustable five-year mortgage rose to 0.5 point from 0.4 point.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) increased to 4.11 percent from 4.04 percent, with points remaining constant at 0.40 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.

Mortgage rates for shorter maturities have also witnessed an increase.

In the ARM arena, 5 year interest rates at HSBC have been quoted at 3.69% with a starting April of 3.974%.

Long-term mortgage rates were unchanged this week: The 30-year fixed-rate mortgage remained at 3.83 percent; the 15-year home loan, popular among homeowners who refinance their mortgages, stayed at 3.13 percent, mortgage buyer Freddie Mac said Thursday. 15 year FRMs have been listed at 3.450% carrying an April of 3.641%. The shorter term, popular 15 year loan interest rates have been offered at 3.5% at the bank and an April of 3.648%.



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