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Getting a Mortgage is Easier These Days According to Consumers
 

Getting a Mortgage is Easier These Days According to Consumers

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Consumers believe getting a mortgage is a lot easier these days according to Fannie Mae’s National Housing Survey. The share of respondents who believe it would be easy to get a home mortgage today increased to a record-high 54 percent while a survey low 43 percent think it would be difficult to get a mortgage loan.

Doug Duncan, senior vice president and chief economist at Fannie Mae said "continuing improvements in consumer attitudes in this month's National Housing Survey lend support to our expectation that 2015 will be a year of the economy dragging housing upward."

A change of attitude toward buying a owning a home combined with near record low mortgage rates should finally get the housing market back on tract in 2015. Mortgage rates are expected to increase throughout the year but rates will still be low historically speaking.

Current mortgage rates on 30 year loans are averaging 3.84 percent, down from last week's average 30 year rate of 3.89 percent. The lowest 30 year rate available on the rate table is at 3.50 percent with 1 mortgage point.

By the end of 2015, average 30 year rates are forecast to be near 5.00 percent.

Mortgage rates today on 15 year conforming loans are currently averaging 3.06 percent, a decline from the previous week's average rate of 3.09 percent. The lowest 15 year refinance rates available on the table are at 2.875 percent with 1 mortgage point.

By the end of the year, average 15 year rates are forecast to be near 4.00 percent.

Getting a Mortgage is Easier These Days According to Consumers30 year jumbo mortgage rates this week are averaging 4.27 percent, down 2 basis points from the prior week's average of 4.29 percent. The lowest 30 year jumbo refinance rates available on the rate table are at 3.625 percent with 1 mortgage point.

30 year jumbo mortgage rates are also forecast to be near 5.00 percent by the end of 2015.

Mortgage rates on 15 year jumbo loans are averaging 4.06 percent, down from last week's average 15 year rate of 4.10 percent. The lowest 15 year jumbo rates available on the table are much lower at 2.75 percent with 1.125 mortgage points.

Average 15 year rates are forecast to be near 4.75 percent by the end of 2015.

Mortgage interest rates are not only forecast to move higher this year but in the coming years as well. In fact, we might never see the near record low mortgage rates currently available.

 
Author: Brian McKay
March 12th, 2015