Checking in on the average mortgage rates reported by the MBA, Freddie Mac and Bankrate.com for the week ending 1-10-2014…
Time once again to check in on the average mortgage rates for the week! Let’s dive right in!
Freddie Mac Reported:
- 30-year fixed-rate mortgages averaged 4.51%
- This is down from last week when it averaged 4.53%
- Last year at this time, 30-year fixed-rate mortgages averaged 3.40%
- 15-year fixed-rate mortgages averaged 3.56%
- This is up from last week when it averaged 3.55%
- Last year ago at this time, 15-year fixed-rate mortgages averaged 2.66%
Check out the chart showing mortgage rates from Freddie:
The 30-year fixed-rate mortgage fell 5 basis points to 4.64%.
The 15-year fixed-rate mortgage fell 4 basis points to 3.69%.
The average rate for a 30-year jumbo mortgage rose 1 basis point to 4.73%.
The Mortgage Bankers Association Reported:
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) remained unchanged at 4.72%, with points unchanged at 0.28 (including the origination fee) for 80% loan-to-value ratio (LTV) loans.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) remained unchanged at 4.66%, with points decreasing to 0.12 from 0.27 (including the origination fee) for 80% loan-to-value ratio (LTV) loans.
The average contract interest rate for 15-year fixed-rate mortgages increased to 3.77% from 3.73%, with points decreasing to 0.34 from 0.40 (including the origination fee) for 80% loan-to-value ratio (LTV) loans.
The Take Away:
Rates didn’t change much mainly because of the limited amount of economic news due to the New Years holiday. However these are just the average rates and the BIG news is the QM or Qualified Mortgage rules that are kicking in today. My suggestion is to talk with your favorite mortgage professional and see how these stricter lending guidelines will affect you. I am working on a post about QM and hope to get it up over the weekend.
Something else to remember is the many different predictions that rates are going to keep increasing in 2014. Increasing mortgage rates, rising home prices and tighter lending guidelines could make 2014 a very interesting year for real estate.
And NOT in a fun way…
As always, I am providing this to you for informational purposes only! I am not a mortgage lender and you should contact the lender of your choice directly to learn more about its mortgage products and your eligibility for such products.