Checking this week’s mortgage rate reports and waiting on the game to start…
Freddie Mac reported:
- 30-year fixed-rate mortgages averaged 4.54% with an average 0.5 poin
- This is up from last week when it averaged 4.52%
- Last year at this time, 30-year fixed-rate mortgages averaged 3.78%
- 15-year fixed-rate mortgages averaged 3.99% with an average 0.4 point
- This up from last week when it averaged 3.97%
- Last year at this time, 15-year fixed-rate mortgages averaged 3.08%
Sam Khater, Freddie Mac’s chief economist, said:
Borrowing costs may be slowly on the rise again in coming weeks, as investors remain optimistic about the underlying strength of the economy. It’s important to note that rates are now up three-quarters of a percentage point from last year and home prices – albeit at a slower pace – are still outrunning rising inflation and incomes.
It is almost like Khater heard what I have been saying since mortgage rates started creeping up. If he had Don;t Panic I would KNOW he was listening to me…
The MBA reported:
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) increased to 4.80% from 4.78%, with points decreasing to 0.43 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 $453,100) decreased to 4.67% from 4.68%, with points remained unchanged at 0.30 (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 4.23% from 4.24%, with points decreasing to 0.45 from 0.48 (including the origination fee) for 80% loan-to-value ratio (LTV) loans.
Better news from the MBA BUT as I say every week, these are the average mortgage rates and may not reflect what every home buyer will qualify for. And some buyers may be pleasantly surprised that they qualify for a lower mortgage rates.
The only way to find out what is possible for you is to sit down and discuss your options with the mortgage lender of your choice!