Mortgage Rates Make Moves
I was talking with a mortgage lender recently at a Home Buyer’s seminar. He was maintaining a positive outlook on mortgage rates in spite of the recent rise and expected jump next month. I would caution you however, if you are on the fence about when to buy a home, when to lock in a rate, now might be the moment. On the Real Estate front, home prices are dropping as is the norm this time of year. If you time this correctly it could save you $50 to $100 a month in payments over projected rates in the next few months.
The 30-year fixed-rate mortgage (FRM) averaged 3.47 percent with an average 0.6 point for the week, up from last week when they averaged 3.42 percent, according to Freddie Mac’s latest Primary Mortgage Market Survey® (PMMS®). A year ago at this time, the 30-year FRM averaged 3.82 percent.
“This week the 10-year Treasury yield continued its climb as an increasing number of financial market participants foresee a December rate hike after a series of positive economic data releases,” says Sean Becketti, chief economist, Freddie Mac. “The 30-year fixed-rate mortgage moved up 5 basis points to 3.47 percent in this week’s survey, the first increase in one month. Even though we’ve seen economic activity pick up, consumer price inflation and implied inflation expectations remain below the Federal Reserve’s 2 percent target.”
The 15-year FRM this week averaged 2.76 percent with an average 0.6 point, up from last week when they averaged 2.72 percent. A year ago at this time, the 15-year FRM averaged 3.03 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.82 percent this week with an average 0.4 point, up from last week when it averaged 2.80 percent. A year ago, the 5-year ARM averaged 2.88 percent.
For more information, visit www.FreddieMac.com. Reprinted with permission from RISMedia. ©2016. All rights reserved.
Additional Helpful Information for Home Buyers
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