Magazine article Mortgage Banking

Month in Review

Magazine article Mortgage Banking

Month in Review

Article excerpt

Month in Review  Mortgage borrowers continue to get good news as mortgage rates have dropped significantly since the beginning of 2016. The annual  percentage rate (APR) for a 30-year fixed conforming on Feb. 8, 2016, averaged at 3.758 percent. In comparison, the 30-year fixed conforming average APR ended 2015 at 4.157 percent. Moreover, mortgage rates have dropped 0.4 percent in average APR and are now in the neighborhood of early-2015 lows. With that said, this is an excellent opportunity for borrowers seeking to purchase a new home or homeowners seeking to refinance to a lower rate.  MONTHLY AVERAGES            31-MAR   30-APR   29-MAY   30-JUN  15-Year Fixed Conforming    3.119    3.178    3.182    3.355 30-Year Fixed Conforming    3.736    3.850    3.859    4.128 30-Year Fixed Jumbo         3.626    3.681    3.679    3.895 5/1 ARM Conforming          2.956    2.975    2.970    3.024 5/1 ARM Jumbo               2.909    2.925    2.945    3.019  MONTHLY AVERAGES            31-JUL   31-AUG   30-SEP   30-OCT  15-Year Fixed Conforming    3.275    3.239    3.170    3.199 30-Year Fixed Conforming    3.999    3.968    3.885    3.949 30-Year Fixed Jumbo         3.767    3.725    3. … 
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