Saturday, June 29, 2013

Mortgage Rates Take Big Leap

Latest info on Mortgage Rates!

     Here is a copy of what was published in Real Estate News put out daily by the National Association of Realtors. This is good info to know for all who might of been pre-approved at an earlier might no longer qualify for the same amount if you just squeaked by. check with your lender. Also for those who have been sitting on the fence, the rumor mill has been saying 5% for 30 year fixed by the end of the year. Not the end of the world for sure...but still something to keep in mind.


Mortgage Rates Take Biggest Weekly Leap in 26 Years

The 30-year fixed-rate mortgage took a large jump this week, rising from 3.93 percent last week to 4.46 percent this week -- its largest weekly rise since 1987, Freddie Mac reports in its weekly mortgage market survey.
Fixed-rate mortgages soared with bond yields amid the Fed’s recent remarks on June 19 that it might soon reduce its bond purchase program, which has helped to keep mortgage rates at historical lows. The Fed plans to moderate its purchases of bonds later this year and end purchases altogether by the middle of 2014.
"Higher mortgage rates may dampen some housing market activity but the effect will be muted by the high level of buyer affordability, and home sales should remain strong,” says Frank Nothaft, Freddie Mac’s chief economist.
Freddie Mac reports the following national averages with mortgage rates for the week ending June 27:
  • 30-year fixed-rate mortgages: averaged 4.46 percent, with an average 0.8 point, rising from last week’s 3.93 percent average. It was the highest the 30-year fixed-rate mortgage has averaged since July 28, 2011. A year ago at this time, 30-year rates averaged 3.66 percent. 
  • 15-year fixed-rate mortgages: averaged 3.50 percent, with an average 0.8 point, rising from last week’s 3.04 percent average. Last year at this time, 15-year rates averaged 2.94 percent. 
  • 5-year adjustable-rate mortgages: averaged 3.08 percent, with an average 0.7 point, rising from last week’s 2.79 percent average. Last year at this time, 5-year ARMs averaged 2.79 percent. 
  • 1-year ARMs: averaged 2.66 percent, with an average 0.5 point, rising from last week’s 2.57 percent average. A year ago at this time, 1-year ARMs averaged 2.74 percent. 
Source: Freddie Mac

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