Improving Economy Sends “Mortgage Rates Higher”

Stronger signs of job growth and consumer spending are pushing up mortgage rates, Freddie Mac reports in its weekly mortgage market survey . The 30-year fixed-rate mortgage — the most popular choice among home buyers — reached its highest reading since Aug. 23, 2012.

Freddie Mac reports the following national averages with mortgage rates for the week ending March 14:

  • 30-year fixed-rate mortgages: averaged 3.63 percent, with an average 0.8 point, rising from last week’s 3.52 percent. . A year ago at this time, 30-year rates averaged 3.92 percent. On Nov. 21, the 30-year fixed-rate mortgage had reached an all-time low of 3.31 percent.
  • 15-year fixed-rate mortgages: averaged 2.79 percent, with an average 0.8 point, rising from last week’s 2.76 percent average. Last year at this time, 15-year rates averaged 3.16 percent.
  • 5-year adjustable-rate mortgages: averaged 2.61 percent, with an average 0.6 point, dropping from last week’s 2.63 percent average. Last year at this time, 5-year ARMs averaged 2.83 percent.

Source: Freddie Mac

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