On Mortgage Rate Movement

Like in 2006, 2007 and 2008, Autumn 2009 is marked by falling leaves and falling mortgage rates.

The trend looks more like a pattern.

Based on Freddie Mac data of the last 4 years, 30-year fixed mortgage rates rise from January through August, and fall through fall. There's 6 weeks left until January. The clock may be ticking for today's home buyers and rate shoppers.

If history is an indicator, mortgage rates should ease a bit into 2010. Data from Freddie Mac since 2006 shows that 30-year fixed mortgage rates tend to rise during the summer months, and fall through the fall. So far, 2009 is staying true to form.

Thursday, Freddie Mac published its weekly mortgage market survey. The report showed mortgage rates sub-5 percent, trolling near all-time lows. Versus October 2008, 30-year fixed mortgages are down 1.07%. The press was eager to report this story -- mostly because anytime mortgage rates below 5.000 percent, it makes for good copy. But, for rate shoppers in Cincinnati and Chicago, by the time Friday's business section was delivered, the Freddie Mac survey was already out-of-date.

When it comes down to it, there's only 1 thing that controls mortgage rates. And it's not the 10-year treasury note.

Based on how the mortgage market's been moving lately, on 2 out of 3 days, a morning rate quote from your lender is going to be expired by the afternoon. It makes shopping for a mortgage a complicated business. On average, rates are changing every 4 hours, 2 minutes.

If recent history is an indicator, Labor Day should bring lower mortgage rates with it.
Data from Freddie Mac since 2006 shows that 30-year fixed mortgage rates tend to elevate through the warmer months of May, June, July and August before settling lower into the fall season. This year has stayed true to form.
After tacking on [...]

A 1-minute video discussing today's mortgage rates, "pattern" trading, and why today may be a good day to get locked in.

In yesterday's post, I described mortgage rates as being "range-bound", repeatedly returning to the same 5.250 percent, 0 points marker since last December. Rather than take my word for it, though, check out the chart. It plots the Freddie Mac, 30-year fixed mortgage rate from December 2008 to July 2009.

To a consumer, one of the most difficult facets of shopping for a mortgage is figuring out just what mortgage rates are doing at any given time. Despite countless websites and blogs devoted to the topic of mortgage, the most important part of a person's research -- the darn price -- can't be found...

*** Click the title to see complete post and pictures from http://www.themortgagereports.com ***

Mortgage rates are rising in this summer but don't look so shocked -- rates seem to rise every summer. As recorded by Freddie Mac, since 2006, 30-year fixed-rate conforming mortgage rate have made a habit of rising in May, June, July and August before settling down through football season. This...

*** Click the title to see complete post and pictures from http://www.themortgagereports.com ***