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WASHINGTON – U.S. long-term mortgage rates were flat to slightly higher this week, hovering around three-year lows after the Federal Reserve’s cut in its benchmark interest rate for the first time in.
U.S. long-term mortgage rates fell this week after four weeks of increases. as people delay purchases in anticipation of flat or even lower prices. On Wednesday the Fed left its key interest rate.
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Lenders do not have enough staff to process requests, due to years of job cuts when rates were rising, they said. Bank of America, one of the largest U.S. mortgage originators, now takes 41 days, on.
First, upfront mortgage-insurance premiums are changing to a flat rate of 2% from the current two-tiered structure. Currently, borrowers who qualify to draw more than 60% of their eligible loan amount.
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So far, the strategy appears to be working. While lower rates do little to combat the uncertain trade picture, unemployment.
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30-year fixed-rate mortgage (FRM) averaged 3.75 percent with an average 0.6 point for the week ending Aug 1, 2019, unchanged from last week. A year ago at this time, the 30-year frm averaged 4.60.
The two terms apply in different situations, with a fixed rate referring specifically to interest rates, and a flat rate referring to the way someone charges for a service. Fixed Interest Rates Fixed interest rates are typically found in financial instruments that a lender provides to a borrower, such as a mortgage, credit card, municipal bond or certificate of deposit.
“The jump in U.S. Treasury rates at the end of last week caused mortgage rates to increase across the board, with the 30-year fixed-rate mortgage climbing to 4.01% – the highest in seven weeks,” said.
Mortgage rates stayed more or less flat this week, with the average rate for a 30-year fixed-rate mortgage at 3.58%, up slightly from 3.55% the previous week, according to Freddie Mac’s Primary.
Mortgage rates held mostly flat this week, but appear primed for more volatility in the coming days as markets digest news surrounding the presidential impeachment proceedings. Markets remain keenly.