Mortgage Rates Continue Steady Climb
Mortgage rates have risen for the third week in a row. This is according to the Primary Mortgage Market Survey from Freddie Mac. According to the Survey, mortgage rates hit a high “not seen in over a month” last week.
The 30-year fixed rate mortgage (FRM) is up from last week’s 4.54 percent. It’s now at 4.60 percent with an average 0.5 point. This time last year, the 30-year FRM averaged 3.78 percent.
15-year fixed jumped week over week as well, from 3.99 percent last week to 4.06 percent with an average 0.5 point this week. A year ago at this time, the 15-year FRM averaged 3.08 percent.
According to Freddie Mac Chief Economist Sam Khater, these high mortgage rates, the highest since August 2, are due to a “one-two punch” from strong job and consumer credit growth.
“Currently 0.82 percent higher than a year ago, which is the biggest year-over-year increase since May 2014,” said Khater. “Looking ahead, annualized comparisons for mortgage applications may look weaker than they appear, but that’s primarily because of the large spread between mortgage rates now and last September, which was when they reached their low for the year.”
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Rates are rising but they are still below historical norms!
For those of us to have been around a while, we know we are still at historically low mortgage rates. If you are thinking about buying a home and want to take advantage of these rates, contact us. Let’s get you on the path to finding your dream home!
