It’s possible that slightly higher interest rates could be offset by a program to help with your down payment. Both Maricopa and Pinal Counties offer fantastic Down Payment Assistance grants… the ‘grant’ part means you are never required to repay this money. It is essentially “Free” money. I know several lenders that are approved to offer these programs. Feel free to give me a call if you’d like more information: 602-999-0952
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Average fixed mortgage rates rose amid market expectations of a possible rate increase by the Federal Reserve, according to Freddie Mac’s recently released Primary Mortgage Market Survey® (PMMS®) results.
“Treasury yields climbed nearly 20 basis points over the past week, capturing the market movement following last week’s FOMC meeting,” says Sean Becketti, chief economist, Freddie Mac. “In response, the 30-year mortgage rate experienced its largest increase since June, up 11 basis points to 3.87 percent. Recent commentary suggests interest rates may rise in the near future. Janet Yellen referred to a December rate hike as a ‘live possibility’ if incoming information supports it. The October jobs report to be released this Friday will be one crucial factor influencing the FOMC’s decision.”
The 30-year fixed-rate mortgage (FRM) averaged 3.87 percent with an average 0.6 point for the week ending November 5, 2015, up from the last week when it averaged 3.76 percent. A year ago at this time, the 30-year FRM averaged 4.02 percent.
Additionally, the 15-year FRM this past week averaged 3.09 percent with an average 0.6 point, up from the last week when it averaged 2.98 percent. A year ago at this time, the 15-year FRM averaged 3.21 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.96 percent with an average 0.4 point, up from the last week when it averaged 2.89 percent. A year ago, the 5-year ARM averaged 2.97 percent.
Results show the 1-year Treasury-indexed ARM averaged 2.62 percent with an average 0.2 point, up from 2.54 percent last week. At this time last year, the 1-year ARM averaged 2.45 percent.
For more information, visit www.FreddieMac.com.
Reprinted with permission from RISMedia. ©2015. All rights reserved.
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