Tag Archives: mortgage rates

Mortgage rates highest since 2013

Mortgage rates surged to their highest level in almost five years this week.

According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average jumped to 4.58 percent with an average 0.5 point. (Points are fees paid to a lender equal to 1 percent of the loan amount.) It was 4.47 percent a week ago and 4.03 percent a year ago. The 30-year fixed rate hasn’t been this high since August 2013.

The 15-year fixed-rate average climbed to 4.02 percent with an average 0.4 point. It was 3.94 percent a week ago and 3.27 percent a year ago. The 15-year fixed rate hasn’t been above 4 percent in seven years.

The five-year adjustable rate average grew to 3.74 percent with an average 0.3 point. It was 3.67 percent a week ago and 3.12 percent a year ago.

After plateauing the past couple months, mortgage rates are once again headed higher. The market is reacting to strong economic reports and statements from Federal Reserve officials who appear supportive of raising interest rates, which is having an effect on long-term bond yields.

The yield on the 10-year Treasury crossed the 3 percent threshold for the first time in four years this week, closing at 3.03 percent on Wednesday. Because mortgage rates tend to follow a similar path as long-term bond yields, home loan rates have also risen.

Read more at: http://www.chicagotribune.com/business/ct-biz-mortgage-rates-20180426-story.html

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Mortgage Rates Continue falling over global economic concerns

Turmoil in global markets has been good for mortgage rates. China’s slowdown and cratering oil prices have created volatility in the markets and spurred investors to flee to safety in government bonds.

Demand for safe assets pushed bond yields lower, and the yield on the benchmark 10-year Treasury note fell below 2 percent this week. The movement of the 10-year Treasury is one of the best indicators of whether mortgage rates will rise or fall. When yields go down, rates tend to go down.

According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average fell for the third week in a row, sinking to 3.81 percent with an average 0.6 point. (Points are fees paid to a lender equal to 1 percent of the loan amount.) It was 3.92 percent a week ago and 3.63 percent a year ago.

The 15-year fixed-rate average dropped to 3.1 percent with an average 0.5 point. It was 3.19 percent a week ago and 2.93 percent a year ago.

read more at: https://www.washingtonpost.com/news/where-we-live/wp/2016/01/21/mortgage-rates-continue-falling-over-global-economic-concerns/

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Home Financing Gets Reprieve From Surging Rates

Homebuyers are getting a break from escalating mortgage rates, a pause that may at least temporarily support a housing market that is showing signs of cooling down, according to data released Thursday.

The average rate for the popular 30-year fixed-rate mortgage has climbed about 1 percentage point since early May, recently hitting the highest level in two years, making monthly loan payments more expensive and cutting some plans to buy a home.

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But that rate dropped in the latest week, following the Federal Reserve’s decision not to start tapering its assets purchases that have kept long-term rates low. For the week that ended Sept. 26, the 30-year-mortgage rate averaged 4.32 percent, the lowest rate since late July, down from 4.5 percent in the prior week. The average 15-year rate decreased to 3.37 percent from 3.54 percent,

“These low rates should somewhat offset the house price gains seen the last number of months and keep housing affordability elevated,” said Frank Nothaft, chief economist for Freddie Mac.

The drop comes as there are signals that higher rates are taking a toll on the housing market. A gauge from the Mortgage Bankers Association shows that loan applications to purchase a home have dropped about 9 percent since early May. Data released Thursday showed that pending sales of homes — this is a forward-looking indicator for housing because sales typically close within two months — fell in August for a third straight month, thanks to higher interest rates and home prices, among other factors, according to the National Association of Realtors.

Read more at: http://www.utsandiego.com/news/2013/sep/27/tp-home-financing-gets-reprieve-from-surging-rates/

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