ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL – 09/27/2012

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL – 09/27/2012

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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

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Demand for mortgages continues to pick up as rates head deeper into record territory, according to surveys by Freddie Mac and the Mortgage Bankers Association.

Rates on 30-year fixed-rate mortgages averaged 3.40 percent with an average 0.6 point for the week ending Sept. 27, down from 3.49 percent last week and 4.01 percent a year ago, Freddie Mac said in releasing the results of its latest Primary Mortgage Market Survey. That’s a new low in Freddie Mac records dating to 1971.

For 15-year fixed-rate loans — popular for refinancing — rates averaged 2.73 percent with an average 0.6 point, down from 2.77 percent last week and 3.28 percent a year ago. That’s a new low in records dating to 1991.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

Rates on five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans averaged 2.71 percent with an average 0.6 point, down from 2.76 percent last week and 3.02 percent a year ago. Rates on five-year ARM loans hit a low in records dating to 2005 of 2.69 percent during the week ending July 19.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

For one-year Treasury-indexed ARM loans, rates averaged 2.60 percent with an average 0.4 point, down from 2.61 percent last week and 2.83 percent a year ago. Rates on one-year ARM loans have never been lower in records dating to 1984.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

The Federal Reserve’s Sept. 13 announcement that it would embark on a third round of quantitative easing (“QE3”) by stepping up its purchases of mortgage-backed securities guaranteed by Fannie Mae and Freddie Mac by $40 billion a month has pushed mortgage rates into uncharted territory.

The first round of quantitative easing — $1.25 trillion in purchases of Fannie and Freddie debt and MBS — wound down in 2010, and helped push mortgage rates below 5 percent.

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