ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL – 11/16/2011
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Mortgage rates were little changed this week amid mixed economic reports, Freddie Mac said in releasing the results of its weekly survey of lenders. A separate survey by the Mortgage Bankers Association showed demand for both purchase mortgages and refinancings jumped last week, with many homeowners moving into 15-year loans as rates stayed near historic lows.
Freddie Mac’s Primary Mortgage Market Survey showed rates on 30-year fixed-rate mortgages averaging 3.99 percent with an average 0.7 point for the week ending Nov. 10. That’s essentially unchanged from last week’s average of 4 percent, and not far above the all-time low in records dating to 1971 of 3.94 percent seen during the week ending Oct. 6. At this time a year ago, rates on 30-year fixed-rate mortgages averaged 4.17 percent before climbing to a 2011 high of 5.05 percent in February.
Rate on 15-year fixed-rate mortgages averaged 3.3 percent this week with an average 0.8 point, about the same as last week’s average of 3.31 percent and only slightly higher than the all-time low in records dating to 1991 of 3.26 percent during the first week of October. At this time a year ago, 15-year fixed-rate mortgages averaged 3.57 percent, before climbing to a 2011 high of 4.29 percent in February.
Looking back a week, a separate survey by the Mortgage Bankers Association showed demand for purchase mortgages jumped a seasonally adjusted 4.8 percent during the week ending Nov. 4 from the week before. Demand for purchase loans was at its highest level since August, but down 2.5 percent from the same time a year ago.
Applications for refinancings were up 12.1 percent from the previous week, accounting for 78.6 percent of all mortgage applications. Only 5.8 percent of borrowers applying for mortgages last week were seeking ARM loans, the MBA survey showed. Fannie Mae economists said in an Oct. 17 forecast that they expect rates on 30-year fixed-rate mortgage loans to average 4 percent next year and 4.2 percent in 2013.