Mortgage Rates Still Dropping, Hit New Lows

Mortgage Rates | Jan 22, 2015 | By: Rachel Stults

AlexRaths/iStock/Thinkstock Fixed mortgage rates inched down again for the fourth consecutive week, bringing them to new lows in early 2015. Averaging 3.63%, the 30-year fixed-rate mortgage is at its lowest level since the week ending May 23, 2013, according to the latest survey from mortgage buyer Freddie Mac. Last week at this time, the 30-year fixed-rate mortgage averaged 3.66%. A year ago, it was trending at 4.39%. “I don’t think there will be much upward pressure on rates next week and doubt they will drop much lower than where they are at now,” said Polyana da Costa, senior mortgage reporter at Bankrate.com, which surveys experts in the mortgage industry to see if they believe mortgage rates will rise, fall, or remain relatively unchanged. The low rates have led to a surge in mortgage applications recently. Mortgage application volume jumped 14.2% over the last week, according to the Mortgage Bankers Association (MBA). Total volume is now 41% higher than it was one year ago, and it’s driven entirely by refinances, the MBA says. Applications to refinance increased by 22% week-over-week––up 63% from a year ago. The average rate on a 15-year fixed mortgage also registered a drop, to 2.93% from 2.98% last week. A year ago, it averaged 3.44%, according to Freddie Mac. Averages for the two most popular hybrid adjustable-rate mortgages were mixed. The five-year ARM dropped from 2.90% to 2.83% week-over-week. The one-year ARM held steady at 2.37%. In the latest Mortgage Rate Trend Index, 59% of the panelists polled think rates will remain relatively unchanged, while 33% predict rates will decrease. “Due to the lack of big economic news this week and the fact that last Friday (Jan. 16) saw a jump in mortgage rates, I expect the market to correct itself,” said Shashank Shekhar, CEO of Arcus Lending in San Jose, CA. “The rates will mostly remain flat but should go down by a small margin.”

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Winter Is Best Time to Sell, Study Shows

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Twenty eight day closing!

Shout out to Greg on his purchase of this stately home in Fairlawn Heights. Quicken Loans provided the conventional financing and Centennial Title facilitated the closing.  

It was a pleasure to assist you in your search.....can't wait to visit once you've settled in!  

It's OFFICIAL! We've made the move....WE ARE now MC!

It is with great excitement to announce that Padgett-Young, a long-time local Lodi real estate brokerage, is joining the team at M.C. Real Estate following the retirement of Harold Young.  Founded and operated by Harold, Padgett-Young has been a staple of the community and the go-to partner for homebuyers and sellers in the Lodi and the surrounding communities for decades.

The team in Lodi consists of four agents, who will continue to work out of their current location at 216 Wooster Street, Lodi, OH.  The sign on the marquee will change to M.C. Real Estate, but the services will remain the same.  Buyers and sellers will still be working with the same great people:  Anita Weaver, Linda Remington, Paul Emerson, and Michele Filous.

“Michele, Anita, Paul, and I are taking our talents to M.C. Real Estate’s Lodi office,” joked Linda Remington.  “This transition will bring the best of both worlds to local market.  Clients wanting to work with agents that live in and know the area they work will find that we are able to offer some added services along with fresh technology i n addition to the personalized local service they have grown to expect from us.”

“The team at M.C. Real Estate is very happy to add such a quality brokerage to our family.  The local expertise in that office is well known, and will allow us to continue to provide outstanding services to our clients within the southern part of Medina County and surrounding counties.  This is really a great opportunity for all of us,” said Brandon Marquard, President at M.C. Real Estate.

For more information, M.C. Real Estate’s Lodi office is located at 216 Wooster St, Lodi, OH and by the same phone number at 330-948-5055.  M.C. Real Estate’s corporate Medina office is located at 403 E. Washington St, Medina, OH and by phone at 330-723-9911.

You can find us on the web at www.mcrealestateohio.com.