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Mortgage rates fall to three-month low (Feb 2014)

Mortgage Rates \  February 7, 2014  04:44 pm

Mortgage rates fall to three-month low

While some homebuyers may be encouraged by rising interest rates - because they are often a sign of a recovering economy - others are often lured off the sidelines and into the housing market when rates fall. More may seek out home loans in Wisconsin to finance a new home purchase in the coming weeks, as mortgage rates for 30-year loans fell for the fifth straight week  to a three-month low in the week ending Feb. 6.

Freddie Mac reported that the average rate for a 30-year fixed mortgage was 4.23 percent, down from the previous week's 4.32 percent. The average rate for a 15-year loan also fell to 3.33 percent , down from the previous week's 3.4 percent.

The lower rates are driving the housing industry as it continues to make gains to fully recover from the market crash in 2008 . In December, they rose 11 percent from the same month in 2012, marking the 22nd straight month of increases, according to CoreLogic.

Home loan refinancing , however, hasn't had as much growth due to the decrease in mortgage rates . The Wall Street Journal reported that refinancing increased 3 percent from last week, but still remains at low levels, only accounting for 62 percent of loan applications - unchanged from the week prior.

Experts told the source that mortgage rates would have to dip to about 4 percent to drive an increase in refinancing. The Mortgage Brokers Association added that refinancing will amount to $440 billion this year - a substantial decrease from 2013's $1.1 trillion and marking the lowest level of refinancing since 2000.

"We are eyeing 4 percent on the primary mortgage rate to be a bellwether for increased originator supply," said Walter Schmidt, an analyst at FTN Financial in Chicago, to the Journal.

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