{"id":18077,"date":"2020-11-12T14:51:57","date_gmt":"2020-11-12T14:51:57","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=18077"},"modified":"2020-11-12T14:51:57","modified_gmt":"2020-11-12T14:51:57","slug":"jumbo-fha-mortgage-rates-fall-to-record-lows","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/jumbo-fha-mortgage-rates-fall-to-record-lows\/","title":{"rendered":"Jumbo, FHA Mortgage Rates Fall to Record Lows"},"content":{"rendered":"

Jumbo, FHA Mortgage Rates Fall to Record Lows<\/h1>\n
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The rates for jumbo and FHA loans dropped to all-time lows last week. Jumbo loans are for borrowers taking out larger loans while FHA loans offer borrowers\u2019 low-down-payment loans. Their new lows fueled mortgage demand last week, the Mortgage Bankers Association reports.<\/p>\n

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $510,400) dropped to 3.18% last week. The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA fell to 3.08%. The 15-year fixed-rate mortgage also saw new lows last week, decreasing to an average contract rate of 2.55%, MBA reports.<\/p>\n

\u201cThe drop in rates spurred an uptick in demand for refinances,\u201d says Joel Kan, MBA\u2019s chief economist.<\/p>\n

Refinances overall increased 6% last week and are now up 88% compared to a year ago. The drive was essentially all driven by those \u201cseeking conventionally and government loans,\u201d Kan says.<\/p>\n

On the other hand, mortgage applications to purchase a home dropped 1% last week. Applications are still more than 25% higher than a year ago.<\/p>\n

\u201cAfter a solid stretch of purchase applications growth, activity decreased for the fifth time in six weeks, but has increased year-over-year for six straight months,\u201d says Kan. \u201c2020 continues to overall be a strong year for the housing market.\u201d<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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Source:<\/div>\n
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Mortgage Bankers Association<\/a>;\u00a0\u201cJumbo and FHA Mortgage Rates Set Record Lows, Juicing Refinance Demand<\/a>,\u201d CNBC (Nov. 4, 2020); and \u201cMortgage Applications Jump 3.8 Percent as Refinance Activity Remains Strong<\/a>,\u201d Mortgageorb.com (Nov. 4, 2020)<\/div>\n
\u00a9National Association of REALTORS\u00ae
\nReprinted with permission<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Jumbo, FHA Mortgage Rates Fall to Record Lows The rates for jumbo and FHA loans dropped to all-time lows last week. Jumbo loans are for borrowers taking out larger loans while FHA loans offer borrowers\u2019 low-down-payment loans. Their new lows fueled mortgage demand last week, the Mortgage Bankers Association reports. The average contract interest rate … <\/p>\n

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