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Fixed Rate Mortgages

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BUSINESS
September 5, 1999
With mortgage rates on the rise and the volume of refinancing decreasing, the prevalence of 15-year fixed-rate mortgages remained constant last quarter compared with the first quarter of 1999.Freddie Mac reported that its quarterly refinancing study found the popularity of the 15-year term was unchanged from the first quarter for borrowers holding 30-year mortgages, while it decreased for borrowers with 15- and 20-year terms.According to the study, 31 percent of borrowers refinancing 30-year mortgages decided to refinance into 15-year loans, while 59 percent stayed with the 30-year, both unchanged from the first quarter of 1999.
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BUSINESS
By Steve Kilar and The Baltimore Sun | November 14, 2012
The number of new mortgage applications has bounced back after a lull caused by the storm called Sandy, according to the Mortgage Bankers Association, which conducts a weekly survey of U.S. retail residential mortgage applications. For the week ending November 9, the number of mortgage applications was up 12.6 percent over the previous week, according to a statement released Wednesday by the association. In comparison, the week ending November 2 - right after Sandy blew through - mortgage applications were down 5 percent from the prior week, the last full week of October.
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BUSINESS
November 24, 2002
Volatility of markets blamed as mortgage rates edge higher Mortgage rates around the country edged up last week as investors tried to decipher mixed economic reports and other information about where the economy is heading. The average interest rate on 30-year fixed-rate mortgages moved up to 6.03 percent for the week ending Nov. 22, after dropping to a new low the week before, Freddie Mac reported Thursday in its nationwide survey. Last week's rate of 5.94 percent was the lowest since the mortgage giant began tracking 30-year mortgage rates in 1971.
BUSINESS
Eileen Ambrose | July 11, 2012
Zillow says the 30-year fixed-rate mortgage continues to fall. The rate today is 3.39 percent, down from 3.43 percent a week ago. That's the lowest rate since Zillow has been tracking the data in 2008. “Last week, rates were pushed to another all-time low by the worse-than-expected employment report on Friday. This week, rates should remain fairly flat with limited scheduled news to alleviate US and European concerns,” says Zillow's Erin Lantz in a press release. For those who can afford a 15-year loan, the fixed rate is now 2.83 percent.
BUSINESS
January 20, 2002
The adjustable-rate mortgage market slid to a three-year low in popularity last year as homebuyers preferred fixed-rate mortgages with interest rates at 30-year lows, according to an annual survey by Freddie Mac. Adjustable-rate mortgages grabbed only 12 percent of the mortgage market in 2001, down from 21 percent in 2000, according to the survey. The 12 percent is the lowest share since 1998's 11 percent share, which was an all-time low. ARMs were first offered in the early 1980s. Homebuyers did not find the spread between adjustable-rate mortgages and fixed-rate mortgages advantageous since, according to Freddie Mac, the initial rate for a one-year ARM was 5.27 percent compared with fixed rates that hovered between 6.5 percent and 7 percent by the end of last year.
BUSINESS
December 15, 2002
WASHINGTON - Mortgage rates around the country fell last week for the first time since the middle of last month. The average interest rate on 30-year fixed-rate mortgages dropped to 6.04 percent for the week ending Friday, Freddie Mac reported Thursday in its weekly nationwide survey. That was down from 6.19 percent the previous week. Last week's rates marked the first time rates on 30-year, 15-year and one-year adjustable-rate mortgages fell since the week ending Nov. 15. At that time, rates on 30-year mortgages dropped to 5.94 percent, the lowest level since the mortgage giant began tracking them in 1971.
BUSINESS
February 13, 1994
Homeowners who refinanced last year cut interest rates on 30-year mortgages by an average of 2.20 percent, the Federal Home Loan Insurance Corp. reported last week.More than two-thirds of all borrowers reduced their monthly payments, a survey of 740,000 Freddie Mac loans across the country showed.During 1986, the last major year of refinancing, homeowners reduced rates by an average of 2.60 percentage points.The latest survey showed 83 percent of borrowers refinancing 30-year mortgages ended up with lower payments, while 94 percent of homeowners refinancing into adjustable-rate mortgages wound up with lower payments -- both records.
BUSINESS
By Kenneth R. Gosselin and Kenneth R. Gosselin,THE HARTFORD COURANT | July 9, 2004
Homeowners who put off refinancing got a piece of welcome news this week: Fixed-rate mortgages fell sharply to their lowest levels since late April. But now might not be the time to delay again. "With windows of opportunity, you never know how long they are going to stay open," said Joel Naroff, of Naroff Economic Advisors in Holland, Pa. Naroff and other economists agree that in the long run, fixed-rate mortgages are now headed up. But because the economy is still recovering, there are likely to be swings up and down, touched off by strong or weak economic reports.
BUSINESS
November 17, 1996
A study issued last week by Freddie Mac shows a sharp third-quarter increase in the demand for 30-year fixed-rate mortgages -- and a clear move away from 15-year FRMs -- by people refinancing their loans.The study was based on mortgages for which the Federal Home Mortgage Corp. purchased both the original and refinancing loans obtained by homeowners. The change was linked to rising interest rates.The survey found 63 percent of those who refinanced 30-year fixed-rate mortgages chose to stay with 30-year loans, up from 53 percent in the second quarter.
BUSINESS
By New York Times | January 13, 1992
WASHINGTON -- The lower interest rates that are benefiting homeowners and other borrowers are a mixed blessing for banks and savings and loan associations and may even be pushing them into a riskier position.In the short term, the tidal wave of homeowners seeking to take advantage of the lowest lending rates in nearly 20 years by refinancing their mortgages has provided the banks a much-needed increase in income from fees on the new loans.But for the long term, the refinancing trend has raised concerns that many large institutions may be risking significant new losses.
BUSINESS
By Andrea F. Siegel and Andrea F. Siegel,andrea.siegel@baltsun.com | November 16, 2008
Exotic mortgages, as well as some lenders, are a thing of the past. But the need to borrow to buy a home is very much present. The lending landscape keeps changing fast, economists, mortgage brokers and lenders say, so homeowners and potential buyers need to stay current. "I think the choices consumers will have will be much more constrained, as will the number of lenders," said economist Anirban Basu, chairman and CEO of the Baltimore-based Sage Policy Group. Fixed-rate mortgages, the predictable 15- or 30-year kind your parents had, are making a comeback, with adjustable-rate loans getting a smaller share of the market, Basu said.
BUSINESS
By Laura Smitherman and Laura Smitherman,Sun reporter | September 2, 2007
This is not your parents' mortgage market. A generation ago, banks took on deposits and lent that money to homebuyers who took out 30-year, fixed-rate mortgages. That changed when Wall Street got involved in recent decades. Investment banks provided capital to mortgage companies so they could make the loans, and then bought the loans and bundled them into securities that are sold to investors. Through the magic of "securitization," the broker, lender and investment bank essentially become fee-collecting middlemen between the borrower and investor.
BUSINESS
By GAIL MARKSJARVIS and GAIL MARKSJARVIS,TRIBUNE MEDIA SERVICES | June 25, 2006
Two years ago, Andrea Eaton had just finished studying financial planning at Texas Tech University and was tempted to buy a home as she started her first job in Minneapolis. After college apartment living, the last thing she wanted to do was to rent again. The apartments she found were discouraging - cramped and drab for the price. So she considered buying a townhouse, and a mortgage broker assured her she could handle the payments. By the time she heard what he had in mind, however, she dropped the house idea and was satisfied paying rent.
BUSINESS
By Kenneth R. Gosselin and Kenneth R. Gosselin,THE HARTFORD COURANT | July 9, 2004
Homeowners who put off refinancing got a piece of welcome news this week: Fixed-rate mortgages fell sharply to their lowest levels since late April. But now might not be the time to delay again. "With windows of opportunity, you never know how long they are going to stay open," said Joel Naroff, of Naroff Economic Advisors in Holland, Pa. Naroff and other economists agree that in the long run, fixed-rate mortgages are now headed up. But because the economy is still recovering, there are likely to be swings up and down, touched off by strong or weak economic reports.
BUSINESS
By Sara K. Clarke and Sara K. Clarke,SUN STAFF | July 4, 2004
One-year adjustable-rate home mortgages rose slightly last week, responding to Wednesday's decision by the Federal Reserve Board to raise a key short-term interest rate for the first time in four years. Fixed-rate mortgages - the most popular kind of home loans - declined. The Fed - which raised the federal funds rate by a quarter percentage point to 1.25 percent - is expected to keep inching rates higher for the rest of the year, a move to limit inflation by raising the cost of borrowing money.
BUSINESS
By BLOOMBERG NEWS | February 15, 2004
The average 30-year fixed mortgage rate fell to 5.66 percent last week as the Federal Reserve signaled it isn't likely soon to raise its benchmark lending target, Freddie Mac said. Other rates also declined. The 30-year rate for the week ending Friday compares with 5.72 percent the previous week and is down from 5.86 percent a year ago, according to the No. 2 purchaser of U.S. mortgages. Mortgage rates move with yields on government securities such as the 10-year Treasury note, for which yields have fallen on signs that inflation will remain low. Federal Reserve Chairman Alan Greenspan said in congressional testimony Wednesday that low inflation will allow the central bank to remain "patient" before raising its overnight lending rate from 1 percent, the lowest since 1958.
BUSINESS
October 10, 1992
Cellular service for D.C. subwayBell Atlantic Corp. plans to provide cellular services throughout the Metro subway system in Washington later this fall, the company said yesterday. Bell Atlantic, working in conjunction with the Washington Metropolitan Area Transit Authority (WMATA), said it will make underground services available in six stations initially and expand to as many as 23 by the end of next year.The cellular system will eventually allow subway riders to initiate calls underground or above ground and continue those calls throughout their ride.
BUSINESS
December 15, 2002
WASHINGTON - Mortgage rates around the country fell last week for the first time since the middle of last month. The average interest rate on 30-year fixed-rate mortgages dropped to 6.04 percent for the week ending Friday, Freddie Mac reported Thursday in its weekly nationwide survey. That was down from 6.19 percent the previous week. Last week's rates marked the first time rates on 30-year, 15-year and one-year adjustable-rate mortgages fell since the week ending Nov. 15. At that time, rates on 30-year mortgages dropped to 5.94 percent, the lowest level since the mortgage giant began tracking them in 1971.
BUSINESS
November 24, 2002
Volatility of markets blamed as mortgage rates edge higher Mortgage rates around the country edged up last week as investors tried to decipher mixed economic reports and other information about where the economy is heading. The average interest rate on 30-year fixed-rate mortgages moved up to 6.03 percent for the week ending Nov. 22, after dropping to a new low the week before, Freddie Mac reported Thursday in its nationwide survey. Last week's rate of 5.94 percent was the lowest since the mortgage giant began tracking 30-year mortgage rates in 1971.
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