Magazine article Mortgage Banking

Month in Review

Magazine article Mortgage Banking

Month in Review

Article excerpt

Mortgage rates are hot and show no signs of cooling down. In July, we saw mortgage rates crush previous all-time lows. We started 2012 with record-low mortgage rates, and mortgage financing has only gotten cheaper. Informa analysts are seeing that most lenders are increasing rebates or decreasing closing costs to offer a 3.5% for a 30-year conforming fixed. It seems 3.5% is a sweet spot for most lenders to offer an efficient combination of low rate and low fees. Once again, no matter what the news is--whether employment growth is slowing down or European concerns continue to rise--rates appear to want to go lower after all daily gyrations play out.

[GRAPHIC OMITTED]

Monthly      30-Sep  31-Oct  30-Nov  30-Dec  23-Jan  29-Feb  30-Mar
Averages

15-Year       3.514   3.435   3.394   3.323   3.485   3.417   3.395
Fixed
Conforming

30-Year       4.054   4.094   4.060   3.936   4.124   4.063   4.104
Fixed
Conforming

30-Year       4.387   4.644   4,685   4.458   4.414   4.408   4.532
Fixed Jumbo

5/1 ARM       3.096   3.116   3.198   3.196   3.209   3.172   3.183
Conforming

5/1 ARM       3.157   3.198   3.300   3. … 
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