Blog

You Are Here:

Mortgage Rates Have Hit a New Low For 2016

Posted on | Posted in Uncategorized

Mortgage rates have hit a new low for 2016 according Freddie Mac. This record low for the year matches the low from February 2015. “Low mortgage rates and a positive employment outlook should support a strong housing market in the second quarter of 2016” says Freddie Mac.

  • 30-year fixed-rate mortgage (FRM) averaged 3.59 percent with an average 0.5 point for the week ending April 7, 2016, down from last week when they averaged 3.71 percent. A year ago at this time, the 30-year FRM averaged 3.66 percent.
  • 15-year FRM this week averaged 2.88 percent with an average 0.4 point, down from last week when it averaged 2.98 percent. A year ago at this time, the 15-year FRM averaged 2.93 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.82 percent this week with an average 0.5 point, down from last week when it averaged 2.90 percent. A year ago, the 5-year ARM averaged 2.83 percent.

Example: Let’s say you are in the market to purchase a home that costs you roughly $225,000. Your principal and interest payment could be as low as:

  • 30 Year Fixed: $1,022
  • 15 Year Fixed: $1,541
  • 5-Year ARM: $927

With rates this low, of course mortgage applications are up. According to Mortgage Bankers Association, The Market Composite Index, a measure of mortgage loan application volume, increased 2.7 percent on a seasonally adjusted basis from one week earlier. The refinance share of mortgage activity increased to 54.5 percent of total applications from 52.4 percent the previous week.

If you have taken a break from direct mail, now is the time to get back into it. Take a look at our mortgage direct mail page for ideas. There are many letters, snap packs, postcards and more

Share on FacebookTweet about this on TwitterShare on LinkedInShare on Google+Pin on PinterestEmail this to someonePrint this page

About the Author: Jeremy Crosslin

Jeremy manages the operational and customer implementation direction of Influence Direct. Jeremy is a seasoned marketing strategist spending the past 10 years in the direct marketing industry consulting hundreds of clients across multiple industries. Through his direct marketing expertise, Jeremy has increased client acquisition and retention ROI for hundreds of clients via multiple direct marketing channels. 

Leave a Reply

Your email address will not be published. Required fields are marked *