Update on the latest average mortgage rates from Freddie Mac and the Mortgage Bankers Association for the week of 8-18-2012…
Good afternoon. Just got back to the office after meeting with a lady about listing her home in Anderson. Over 1700SF 4 bedroom 2 bath and should be hitting the MLS tomorrow afternoon. Asking $135,000. In great shape, fenced in backyard, 2 car garage, master on the main. Nice kitchen. I sure hope someone buys it before mortgage rates go any higher.
Yeah that’s right some of the average mortgage rates have again crept up. Not all of the rates I track increased but it could be that we are starting to see the end of ever decreasing mortgage rates. Something to think about if you are looking to buy a home.
Let’s look at the average mortgage rates reported by the MBA and Freddie Mac this week:
Freddie Mac Reported:
- 30-year fixed-rate mortgages averaged 3.62% with an average 0.6 point
- This is up from last week when it averaged 3.59%
- Last year at this time, 30-year fixed-rate mortgages averaged 4.15%
- 15-year fixed-rate mortgages this week averaged 2.88% with an average 0.6 point
- This is up from last week when it averaged 2.84 percent
- A year ago at this time, 15-year fixed-rate mortgages averaged 3.36%
The Mortgage Bankers Association Reported:
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) remained unchanged at 3.76% with points increasing to 0.47 from 0.46 (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 $417,500) decreased to 4.03% from 4.04%, with points decreasing to 0.27 from 0.35 (including the origination fee) for 80& loan-to-value loans.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 3.53% from 3.54 %, with points remaining unchanged at 0.49 (including the origination fee) for 80% loan-to-value loans.
The average contract interest rate for 15-year fixed-rate mortgages increased to 3.12% from 3.08%, with points decreasing to 0.40 from 0.41 (including the origination fee) for 80% loan-to-value loans.
The Take Away:
Some rates decreased, some increased and some stayed the same. I can remember that it seemed every week I was seeing mortgage rates fall. Now we are starting to see not just mortgage rates increase but also see some reports about house prices starting to climb. If you have been waiting because you thought prices and mortgage rates were going to keep falling, it might be time to get serious about your home buying efforts.
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.