Checking in the average mortgage rates reported by the MBA, Freddie Mac and Bankrate for the week ending 2-14-2014…
Here is my super Valentine’s Day gift to you: this week’s mortgage rate update! Now you can’t say I didn’t get you something…
Freddie Mac Reported:
- 30-year fixed rate mortgages averaged 4.28%
- This is up from last week when it averaged 4.23%
- Last year at this time, 30-year fixed rate mortgages averaged 3.53%
- 15-year fixed rate mortgages this week averaged 3.33%
- This is unchanged from last week
- Last year ago at this time, 15-year fixed rate mortgages averaged 2.77%
Check out the chart showing mortgage rates from Freddie Mac:
30 year fixed rate mortgages rose 5 basis points to 4.48%
15 year fixed rate mortgages also rose 3 basis points to 3.53%
The average rate for a 30 year jumbo mortgage rose 3 basis points to 4.5%
The Mortgage Bankers Association Reported:
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 4.45% from 4.47%, with points increasing to 0.34 from 0.25 (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) decreased to 4.40% from 4.42%, with points increasing to 0.14 from 0.11 (including the origination fee) for 80% loan-to-value ratio (LTV) loans.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.49% from 3.53%, with points decreasing to 0.25 from 0.28 (including the origination fee) for 80% loan-to-value ratio (LTV) loans.
The Take Away:
Mixed signals this week as some of the average mortgage rates were unchanged, some rose and some fell. Which is better than all the rates rising…
We kept hearing that mortgage rates were going to rise in 2014 and it is possible this is just the beginning. However, rates are still super low making now a good time to be a home buyer. How long it remains a good time is not as clear.
Time is Money
Home prices have been rising.
Many experts have predicted that mortgage rates will rise in 2014.
It is a strong possibility home buyers will pay more as the year progresses.
Even if mortgage rates stay low, prices should continue to rise. But if mortgage rates also rise, it is a double whammy for home buyers.
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.