Saturday , 15 August 2020

Here Are Today’s Best Mortgage & Refinance Rates for July 17, 2020

Builder confidence is on the rise and permits for new construction edged up as record-low interest rates continue to lure buyers into the real estate market.



a close up of a sign: Mortgage-Rate-July-17-2020


© Provided by Money.com
Mortgage-Rate-July-17-2020

According to data from the National Association of Home Builder/Wells Fargo Housing Market Index, home builder sentiment reached pre-pandemic levels for the month of July. The index, which tracks builder confidence in the newly-built single-family home market, rose 14 points to 72, a reading last seen in March before the pandemic related lockdowns began. Any reading above 50 on the index indicates that home builders view current home sales, sales expectations and prospective buyer traffic for the next six months as “good.”

Loading...

Load Error

“Builders are seeing strong traffic and lots of interest in new construction as existing home inventory remains lean,” said Chuck Fowke, NAHB chairman. “Low interest rates are also fueling demand, and we expect housing to lead an overall economic recovery.”

Information from the U.S. Census Bureau’s New Residential Construction report also points to an improving outlook, as the number of building permits, housing starts and housing completions all posted gains during the month of June. The biggest gain was in housing starts, which improved 17% over May numbers (although still 4% below June 2019 numbers).

“Homebuilding continues to rebound from the sharp drop experienced in April due to the onset of the pandemic. The growth in construction permits suggest building momentum in the months ahead,” said Mike Fratantoni, chief economist for the Mortgage Bankers Association reacting to the Census Bureau report. “This is positive, as the rebound in housing demand could be stymied if there is not more inventory on the market soon.”

Average Mortgage Rates Today

Mortgage rates broke the 3% barrier on Thursday, the lowest rate recorded in 50 years of Freddie Mac’s interest rate survey. For the week ending July 16, the average interest rate for a 30-year fixed-rate mortgage set a new record low of 2.98% with 0.7 points paid, according to Freddie Mac. That’s 0.05 percentage points below the previous low of 3.07%, set a week earlier.

The average rate for a 15-year fixed-rate mortgage was 2.48% with 0.7 points paid, down 0.03 percentage points from the previous week, while the average rate on a 5-year adjustable-rate mortgage increased to 3.06% with 0.3 points paid.

Average Refinance Rates Today

A year ago the average mortgage rate was 3.81%. A homeowner with a $250,000 mortgage balance paying 3.81% on a 30-year loan could cut their monthly payment from $1,166 to $1,051 by financing at today’s lower rates. (It is important to consider closing fees and that refinancing could reset the clock on your mortgage, meaning you will have to make payments longer.)

Today’s Mortgage Rates

Of course, mortgage rates vary widely by location and personal factors like location, the size of your down payment and your credit score. Here are today’s advertised mortgage rates at some of the mortgage industry’s largest lenders. (The rates you see may be different.)

Quicken

Quicken, a non-bank lender based in Detroit, is the nation’s largest mortgage lender by dollar origination volume.

Mortgage rates advertised for July 17:

30-year fixed: 3.236%

15-year-fixed: 2.924%

(Quicken doesn’t advertise a five-year adjustable rate. Rates are APRs.)

Wells Fargo

Based in San Francisco, Wells Fargo has more than 7,000 locations.

Mortgage rates advertised for July 17:

30-year fixed: 3.112%

15-year-fixed: 2.793%

5-year ARM: 2.827%

(Rates are APRs.)

JP Morgan Chase

Based in New York, JP Morgan Chase has nearly 5,000 U.S. branches.

Mortgage rates advertised for July 17:

30-year fixed: 3.053%

15-year-fixed: 2.551%

5-year ARM: 2.691%

(Rates based on New York City zip code 10006. Rates are APRs.)

Bottom Line:

If you have decent credit, you may be in a position to take advantage of mortgage rates near all time lows

View MONEY’s Best Mortgage Lenders of 2020

Compare MONEY’s Best Mortgage Refinance Companies of 2020

Related: Why Right Now Is the Best Time to Refinance Your Mortgage, According to David Bach

Mortgage Rates Are at Record Lows. But What Does It Take to Actually Qualify for a 3% Loan?

Continue Reading

Source link

Check Also

Private Placement Markets to Enter the Residential Mortgage Lender Industry in January of 2021

Steve Muehler today announced that the Private Placement Markets will be entering the Residential Mortgage …

The Mortgage Industry Sounds Off About New GSE Refinancing Fee

GSEs Fannie Mae and Freddie Mac announced last week that they are raising fees for lenders on …

Villager pleads for help with home on her street with reverse mortgage

A Villager pleaded for help with an eyesore home on her street with a reverse …

Oregon bankers sue over new law protecting homeowners who can’t pay mortgages during pandemic

The Oregon Bankers Association sued Thursday to overturn part of a new state law that …

Why mortgage rates are so low

August 14, 2020 5:24 PM Molly Ringberg Posted: August 14, 2020 5:24 PM Updated: August …

Quicken Loans and Rocket Mortgage Parent Quintuple Net Revenue in Q2

A still-fresh name on the stock exchange, Rocket Companies (NYSE:RKT), has released its first set …

Boring Day For Bonds, But Tension Remains For Mortgages

Boring Day For Bonds, But Tension Remains For Mortgages Rates continued reeling (depending on the …

Top mortgage news for the second week of August 2020

Delinquencies in the commercial sector lay low for now but troubling signs point to a …

How Much a $200,000 Mortgage Will Cost You

Our goal here at Credible is to give you the tools and confidence you need …

Mortgage Rates Are Not 1.99%. In Fact They’re Back Over 3%

Mortgage Rates Are Not 1.99%. In Fact They’re Back Over 3% Some mortgage companies have …

×