Mortgage Rates Continue To Rise
As reports of a strengthening economy started trickling in, mortgage rates have moved closer to their high points for the year this week.
Among the positive economic reports credited for pushing rates higher were those of real gross domestic product and the ninth consecutive monthly increase in residential construction spending.
The average interest rate on a 30-year, fixed-rate loan was 4.57%, up from 4.51% last week and 3.55% in the same week a year ago, Freddie Mac said Thursday in its weekly survey.
The average rate on a 15-year, fixed-rate loan was 3.59%. That compared with 3.54% last week and 2.86% a year ago.
Longer term, though, the general trend of rising rates is affecting activity. In March, the average rate on a 30-year, fixed-rate loan was 3.57 percent, according to the Federal Housing Finance Agency. By June, it was 4.07 percent, the highest rate for that popular mortgage product since September 2011.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.28% this week with an average 0.5 point, up from last week when it averaged 3.24%. A year ago, the 5-year ARM averaged 2.75%.
1-year Treasury-indexed ARM averaged 2.71% this week with an average 0.5 point, up from last week when it averaged 2.64 percent. At this time last year, the 1-year ARM averaged 2.61%.
Among the positive economic reports credited for pushing rates higher were those of real gross domestic product and the ninth consecutive monthly increase in residential construction spending.
The average interest rate on a 30-year, fixed-rate loan was 4.57%, up from 4.51% last week and 3.55% in the same week a year ago, Freddie Mac said Thursday in its weekly survey.
The average rate on a 15-year, fixed-rate loan was 3.59%. That compared with 3.54% last week and 2.86% a year ago.
Longer term, though, the general trend of rising rates is affecting activity. In March, the average rate on a 30-year, fixed-rate loan was 3.57 percent, according to the Federal Housing Finance Agency. By June, it was 4.07 percent, the highest rate for that popular mortgage product since September 2011.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.28% this week with an average 0.5 point, up from last week when it averaged 3.24%. A year ago, the 5-year ARM averaged 2.75%.
1-year Treasury-indexed ARM averaged 2.71% this week with an average 0.5 point, up from last week when it averaged 2.64 percent. At this time last year, the 1-year ARM averaged 2.61%.
Labels: mortgage
posted by Quark @ 5:34 PM
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