mortgage

Mortgage rates for Nov. 7, 2013

 

I'm Lucas Wysocki with your weekly look at mortgage rates.

Mortgage rates are up this week as investors await the October employment report that's scheduled to be released this week. The 30-year fixed-rate mortgage rose eight basis points to 4.35 percent.

The 15-year fixed-rate mortgage rose four basis points to 3.42 percent and the average rate for 30-year jumbo mortgages rose nine basis points to 4.44 percent.
The 5/1 adjustable-rate mortgage fell one basis point to 3.25 percent.

A recent Federal Reserve survey brings some good news for home buyers and owners looking for credit. The Fed's October Senior Loan Officer Survey shows that more than a quarter of the large banks surveyed have loosened credit standards for homebuyers as the demand for loans from refinancers slows.

As homeowners regain equity in their homes, about 8.7 percent of lenders say they have also eased standards on home equity lines of credit.

And as the demand from refinancers shrinks, homebuyers are getting faster service. About 44 percent of the lenders say the time for closing from the day of application has somewhat reduced since the volume of refinances fell.

To search for the very best rates on home loans in your area, use the free search engine at Bankrate.com. I'm Lucas Wysocki.

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