About 1 in 5 mortgage loan applications received by Quicken Loans are from borrowers seeking adjustable-rate mortgage (ARM) loans, Crain’s Detroit Business reports.
Rates on 30-year fixed-rate mortgages averaged 4.4 percent with an average 0.7 point for the week ending Aug. 8, according to Freddie Mac’s latest rate survey.
Rates on five-year Treasury-indexed hybrid ARM loans averaged 3.19 percent with an average 0.5 point, and one-year Treasury-indexed ARMs averaged 2.62 percent with an average 0.3 point.
Quicken Chief Economist Bob Walters points out that homeowners move every seven to 10 years on average, and “all that security they’re paying for with a higher rate generally isn’t used.”
Source: crainsdetroit.com.
read more…
http://www.inman.com/wire/arm-loans-back-in-fashion-as-mortgage-rates-rise/#sthash.Nhbn6E8b.dpuf
Just back out of hospital in early March for home recovery. Therapist coming today.
Sales fell 5.9% from September and 28.4% from one year ago.
Housing starts decreased 4.2% to a seasonally adjusted annual rate of 1.43 million units in…
OneKey MLS reported a regional closed median sale price of $585,000, representing a 2.50% decrease…
The prices of building materials decreased 0.2% in October
Mortgage rates went from 7.37% yesterday to 6.67% as of this writing.
This website uses cookies.