Checking in the average mortgage rates reported by the MBA, Freddie Mac and Bankrate for the week ending 2-21-2014…
What about this weather? Snow last week and then today I am on my back deck without any shoes. Crazy how the weather can change from one extreme to another. Speaking of something changing, it is time to check out the average mortgage rates reported by the MBA, Freddie Mac and Bankrate.com for this week!
Freddie Mac Reported:
- 30-year fixed rate mortgages averaged 4.33%
- This is up from last week when it averaged 4.28%
- Last year at this time, 30-year fixed rate mortgages averaged 3.56%
- 15-year fixed rate mortgages averaged 3.35%
- This is up from last week when it averaged 3.33%
- Last year ago at this time, 15-year fixed rate mortgages averaged 2.77%
Check out the chart showing mortgage rates from Freddie Mac:
Frank Nothaft, vice president and chief economist, Freddie Mac said:
Mortgage rates crept up further following the uptick in the 10-year Treasury yield as minutes of the Federal Reserve’s last meeting indicated little possibility of a pause in the central bank’s reduction of bond purchases.
Nice to see someone NOT blaming bad news for real estate on the weather…
30-year fixed rate mortgages rose 1 basis point to 4.49%
15-year fixed rate mortgages fell 1 basis point to 3.52%
The average rate for a 30-year jumbo mortgage fell 1 basis point to 4.49%
The Mortgage Bankers Association Reported:
The average contract interest rate for 30-year fixed rate mortgages with conforming loan balances ($417,000 or less) increased to 4.50% from 4.45%, with points decreasing to 0.26 from 0.34 (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) increased to 4.45% from 4.40%, with points decreasing to 0.11 from 0.14 (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 3.55% from 3.49%, with points increasing to 0.33 from 0.25 (including the origination fee) for 80% loan-to-value ratio (LTV) loans.
The Take Away:
Just like the weather, mortgage rates heated up this week. The real question is if this will continue?
We did see a few of the rates I track increase last week. And this week a few more increased. While mortgage rates are still at historically low levels, it does make you wonder if the predictions of higher rates in 2014 will come true?
I have my doubts about mortgage rates rising too much since we have “enjoyed” a plethora of bad news for the economy and real estate lately. Still it is a distinct possibility that mortgages will become more expensive this year. Since these are the average mortgage rates, it is possible that some people may do better or worse!
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.