Checking in on the average mortgage rates reported by the MBA and Freddie Mac for the week ending 1-3-2014…
It has been much too long since I posted one of my weekly updates on mortgage rates. But since I am getting back into the swing of things, let’s dive right in and check out the average mortgage rates reported by Freddie Mac & Bankrate.com this week!
Freddie Mac Reported:
- 30-year fixed-rate mortgages averaged 4.53%
- This is up from last week when it averaged 4.48%
- Last year at this time, 30-year fixed-rate mortgages averaged 3.34%
- 15-year fixed-rate mortgages this week averaged 3.55%
- This is up from last week when it averaged 3.52 percent
- Last year at this time, 15-year fixed-rate mortgages averaged 2.64%
Check out the chart showing mortgage rates from Freddie:
Bankrate.com is reporting that mortgage rates climbed for the third straight week!
- The 30-year fixed-rate mortgage rose six basis points to 4.69%
- The 15-year fixed-rate mortgage rose three basis points to 3.73%
- The average rate for a 30-year jumbo mortgage rose five basis points to 4.72%
The Take Away:
Sadly there wasn’t any report from the MBA this morning. Maybe next week?
I am going to try to start including data from Bankrate.com this year to give you a broader idea of what rates are doing. And lately, mortgage rates have been moving up due to the various positive reports about the economy.
However, these are the average mortgage rates and finding out exactly what is possible for a buyer means they need to talk to a mortgage lender. Because buying a home is such a HUGE financial decision, most savvy buyers start the home buying process by investigating all the mortgage options they have available and getting a Pre-Approval Letter to submit with their offers.
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.