Today we present to your a history of 30 Year Fixed mortgage rates. The following charts chronicle the 30 Year Fixed mortgage from 1972, from 2000 to the present and from 2011 to the present.

30 Year Fixed Mortgage Rates Since 1972

30 Year Fixed Mortgage Rates Since 1972

30 Year Fixed Mortgage Rates Since 2000

30 Year Fixed Mortgage Rates Since 2000

30 Year Fixed Mortgage Rates: 2011 – 2012 

30 Year Fixed Mortgage Rates: 2011 – 2012

Perspective on Mortgage Rates in 2012

These charts paint a dramatic picture of exactly how high mortgage rates have been in the past and how low they are now. Need help locking a rate? Not sure which program is the best for your needs? We can put together a mortgage strategy that suits your unique needs and help educate you on the loan programs that best fit your needs.

Are You a Mortgage Broker or Real Estate Agent?

If so, we highly encourage you to share these charts on your website or blog. We simply ask that you also post a link back to this site. To download, click on each chart > right click > save to desktop > upload to your site.

Last week there were some hiccups as a resolution looked questionable towards the end of the week. Moving forward this week, mortgage rates will do better if there are more issues and are likely to rise a bit should an airtight resolution in Greece be reached.

Mortgage Robo Form Lawsuit Settled

Last week also saw a conclusion to the “Robo Signing” debacle when a settlement was reached for $26 billion dollars over foreclosure abuses. This settlement had little to no effect on mortgage rates. The banks involved were Bank of America, Wells Fargo, JP Morgan Chase, Citigroup and Ally Financial.

Mortgage Rates: The Week Ahead

This week will see some significant data being released that has the potential to change mortgage rates. Data to watch includes Retails Sales, Consumer Price Index (CPI), FOMC Minutes and the Producer Price Index (PPI).

Since  mortgage rates are building support (less likely to move down with support) at their current historical low levels, any breakaway or positive numbers relating to data about the health of the US Economy can move mortgage rates up. More importantly, good data that indicates health in the Economy will likely push mortgage rates up, while negative data will help keep mortgage rates at their current low levels.

Economic Calendar for Week of February 13, 2012

• Monday – none
• Tuesday – Import & Export Prices, Business Inventories
• Wednesday – *FOMC Minutes, Treasury International Capital, INdustrial Production, Housing Market Index
• Thursday – Housing Starts, Jobless Claims, Producer Price Index, Philadelphia Fed Survey
• Friday – Consumer Price Index

What Mortgage Rate Can I Qualify For?

To get a FREE mortgage rate quote, simply use the fast rate quote box on the upper left hand side of the page. We can also help you understand what mortgage programs are available and which programs make the most sense for your needs. Purchasing a new home? We can help pre-qualify you so that you know how much you can spend and what type of mortgage payment you will be looking at for the price range of home you’re wanting to buy.

After a tick upwards earlier this week, mortgage rates have settled back down after austerity talks in Greece fell apart and Greeks demonstrated amid scattered violence.

Uncertainty about the situation in Greece is good for mortgage rates in the short term though, which is why rates ticked lower today. We can expect rates to tick upwards when the situation in Greece is resolved with certainty.

That being said, any number of other countries with debt solvency issues could help put pressure on mortgage rates and keep them at their current historically low levels.

Europe Moving Forward in the Weeks Ahead

Today Italian banks were downgraded. This is not good news for Europe and how this plays out in the coming weeks may help mortgage rates sustain their current low levels for even longer. If Italy is the first in a series of downgrades, this could get interesting for mortgage rates in a good way.

Mortgage Rate Factors for Next Week

A FREE Mortgage Consultation is a Phone Call Away

We can help you get pre-qualified if you are home hunting or understand if your existing loan is the best loan for your current financial situation. Not sure what programs are available or might be the best fit for your needs? We can help you understand the options and can help put together a mortgage strategy that is custom tailored for your unique needs.

History of Mortgage Rates Since 1972: Program Comparison

History of Mortgage Rates Since 2000: Program Comparison

History of Mortgage Rates, 2011 – 2012: Program Comparison 

Perspective on Mortgage Rates in 2012

These charts paint a dramatic picture of exactly how high mortgage rates have been in the past and how low they are now. Need help locking a rate? Not sure which program is the best for your needs? We can put together a mortgage strategy that suits your unique needs and help educate you on the loan programs that best fit your needs.

Are You a Mortgage Broker or Real Estate Agent?

If so, we highly encourage you to share these charts on your website or blog. We simply ask that you also post a link back to this site. To download, click on each chart > right click > save to desktop > upload to your site.

As the market continues to see new data that is positive, the argument that a bottom has been put in and the market will continue to grow stronger is strengthened and given more legs. This is good for the economy as a whole, but not necessarily good for mortgage rates, which go up when investors take money out of bonds and put it into equities. The opposite is also true, in a bad economy investors move money from equities and into bonds, pushing mortgage rates down.

Mortgage Rate Movement This Week

There isn’t a whole lot of economic data coming out this week that has the potential to move the market. The market will be watching jobless claims and Ben Bernanke’s speech. If he shares any unexpected forecasts or uses any verbiage that catches the market off guard, there is potential to move mortgage rates. Additionally, any news coming out of Europe, specifically in regards to Greece, has the potential to move mortgage rates.

Economic Calendar for Week of February 6, 2012

• Monday - n/a
• Tuesday - Red Book, Ben Bernanke Speaks, Consumer Credit
• Wednesday - Bank Reserve Settlement, Petroleum Status Report
• Thursday - Jobless Claims, Bloomberg Consumer Comfort Index
• Friday - International Trade, Consumer Sentiment

The market was surprised by these numbers, which were much more healthy than expected. Expectations were an unemployment rate of 8.5% and 155,000 new jobs added.

How Does This Affect Mortgage Rates?

This report is the latest in a trend indicating the economy is on the mend. As the economy becomes stronger, we will likely see rates and home prices go higher and today is no exception as mortgage rates have gone up today.

Since we’ve put in a good number of weeks at or around all time historical lows, we’ve put in a bottom of sorts. The longer we stay near this bottom, the more it becomes a place of support, from a technical point of view.

Should I Lock My Rate Now? Where Is the Market Going Next?

We don’t know where the market will go next, but there are a lot of signs indicating that we’re moving higher. This can change though depending on the time of day and what is going on with the US Economy and can even be affected by news coming out of Europe.

We can give you realtime rate quote updates, simply call us or request a fast rate quote. Additionally, we can give you free advice on what loan options exist and we can also put together a strategy financing your existing or new home that will give you the lowest payment possible.

What Does The Plan Do?

The goal of the program is to help borrowers that are current on their mortgages refinance into lower-interest federally insured loans through the FHA. Borrowers would qualify even if  they are underwater on their mortgages (their homes are worth less than is owed on them) and would enable these homeowners to take advantage of the historically low interest rates available today.

According to senior administration officials, the plan would be run by the FHA (Federal Housing Administration) and is reported to cost between $5 billion to $10 billion, money which would be raised by imposing levies on banks.

President Obama On His New Refinancing Plan

“This plan, like the other actions we’ve taken, will not help the neighbors down the street who bought a house they couldn’t afford and then walked away and left a foreclosed home behind. It’s not designed for those who’ve acted irresponsibly, but it can help those who’ve acted responsibly.”

Obama’s Refinance Plan Eligibility Requirements

The big question is who qualifies for the program and how?

To Be Eligible:

1. Borrowers need to be current on their mortgages    
2. No missed a mortgage payment in at least six months  
3. Tere is a minimum credit score requirement (FICO) of 580
4. Must be employed
5. Must have a conforming loan (between $271,050 and $729,750 depending on their location)   
6. Officials have also stated that an appraisal would not be necessary.

Estimates are that the plan could help 3.5 million borrowers in addition to the 11 million expected to qualify for the existing refinance program for those with Fannie Mae and Freddie Mac loans (HARP). The one sticking point could be the mortgage insurance premiums charged by the FHA. If rolled into the loan, they would put a borrower further underwater.

How Do I Learn More About This Plan?

Details about the plan are still emerging and it still faces approval by Congress. There are also critics of the plan, so whether or not its components will be approved by Congress in their current form still waits to be seen.

To get FREE future updates about Obama’s refinance plan, please subscribe to our RSS Feed at the top of this article!

The last time the index was higher than 100.1 was in April 2010 when it reached 111.5. This prior record was fueled by buyers that were rising to meet the deadline for the home buyer tax credit that was expiring.

About the Pending Home Sales Index

Pending Home Sales Index (PHSI) is released during the first week of each month. It is designed to be a leading indicator of housing activity.

The index measures housing contract activity. It is based on signed real estate contracts for existing single-family homes, condos and co-ops. A signed contract is not counted as a sale until the transaction closes. Modeling for the PHSI looks at the monthly relationship between existing-home sale contracts and transaction closings over the last four years.

How This Affects Potential Home Buyers

There have been some signs in the past month that housing may have put in its bottom. If this turns out to be the case, potential home buyers that are sitting on the sidelines may do better to purchase their home sooner rather than later. Once there is strong confirmation that a bottom has been reached, it is very likely that even more buyers will rush into the market (some Realtors are already reporting the lowest housing inventories in years) which will push housing prices higher very quickly.

Before You Shop: Get Pre-Qualified

The first step in shopping for your new home is understanding how much home you can afford. This prevents you from falling in love with a home that is not an option. Getting pre-qualified means you know what your budget is, which means you can save time and money only looking for homes that are truly a fit for you. Getting pre-qualified is free and only a phone call away, please don’t hesitate if you have any questions.

Events Affecting Mortgage Rates This Week

This week will see European Union leaders meet. Any developments coming out these meetings have the potential to move mortgage rates. Specifically, bad news may result rates going lower and good new will likely push rates higher. This occurs because bad news means investors move their money away from stocks (stock markets go down) and put it into bonds, which typically means mortgage rates decrease.

The other big event is non-farm payrolls, otherwise known as the Jobs Report that is being released on Friday. Since jobs are a key component of economic health for the country, these numbers can move mortgage rates on a dime.

Negative news out of Europe and disappointing news with the Jobs Report could sent mortgage rates to new all time historical lows. Positive news from these events could signal a change in the current trend and start the beginning of mortgage rates moving off of the current lows.

Economic Calendar for Week of January 30, 2012

• Monday - Personal Income & Outlays,
• Tuesday - S&P Case-Schiller, Chicago PMI, Consumer Confidence
• Wednesday - ADP Employment Report, ISM Mfg Index, Construction Spending
• Thursday - Jobless Claims, Productivity & Costs,
• Friday - Employment Situation: Non-Farm Payrolls, Factory Orders

Should I lock My Mortgage Rate Now or Wait?

Right now may very well be one of the best times in history to lock in a historically low mortgage rates. But wait, what if you’re not sure what size loan you qualify for or what program is right for you? We can help educated you, free of charge, about what loan programs are available and which one will help fit your needs the best. We can also put together a common sense purchase or refinance strategy that fits your unique needs. If you have questions this help is only a phone call away!

In a press release,  the FOMC announced it’s thoughts on the state of the economy today and moving forward in addition to its plans for future monetary policy. The equities and bond markets pay close attention to the statements that come out of FOMC meetings as monetary policy as set by the FOMC can significantly impact our economy and the economies around the world.

The FOMC: Extends Exceptionally Low Levels for the Federal Funds Rate at Least Through Late 2014

The FOMC made several statements that have sent mortgage rates back to all time historical lows.

1. The committee extended its “forward guidance” on interest rates stating that “economic conditions” are likely to “warrant exceptionally low levels for the federal funds rate at least through late 2014”.
2. Current economic conditions: Described as “expanding moderately”. This means that conditions are essentially unchanged, the key point being that they have not worsened, which is good.
3. The committee “expects to maintain a highly accommodate stance for monetary policy.” This tells the markets that they’re still willing and able to take measures in the future, especially in relation to inflation, which is good. This is as opposed to stepping aside and letting the market play out, which can be bad if the market can in fact, improve with some monetary intervention.

From the FOMC Press Release:

To support a stronger economic recovery and to help ensure that inflation, over time, is at levels consistent with the dual mandate, the Committee expects to maintain a highly accommodative stance for monetary policy. In particular, the Committee decided today to keep the target range for the federal funds rate at 0 to 1/4 percent and currently anticipates that economic conditions–including low rates of resource utilization and a subdued outlook for inflation over the medium run–are likely to warrant exceptionally low levels for the federal funds rate at least through late 2014.

How The Fed’s Statements Affect You and Your Mortgage

Immediately after hearing the FOMC’s statement, mortgage rates fell back down to the all time historical lows they were at last week. This latest development is only the latest in a series of events over the past few months where mortgage rates have been at all time historical lows or set new lows. The unprecedented window is a very unique opportunity to get into a mortgage at the lowest rates we have seen in our lifetime.

We can help you understand how much you qualify for if you are purchasing a new home and help you understand what mortgage best fits your needs. We only need a few minutes with no obligation to put together a strategy that best fits your financial needs and goals for your home purchase or refinance of your existing loan.