Another Week of Mostly Flat Mortgage Rates

Borrowing costs haven’t budged much in recent weeks, offering some relief from the weekly rate increases that had almost become routine at the start of 2018.

“Rates have bounced around 4.4 percent since mid-February. Rates could break out and head higher if inflation continues to firm. … If inflation continues to trend higher, we may see two or three more rate hikes from the Fed this year, and mortgage rates could follow. For now, mortgage rates are still quite low by historical standards, helping to support home buyer affordability as the spring home buying season ramps up.” says Len Kiefer, Freddie Mac’s deputy chief economist.

Freddie Mac reports the following national averages for the week ending April 12:

  • 30-year fixed-rate mortgages averaged 4.42 percent, with an average 0.4 point, up from last week’s 4.40 percent average. Last year at this time, 30-year rates averaged 4.08 percent.
  • 15-year fixed-rate mortgages averaged 3.87 percent, with an average 0.4 point, holding the same average as last week. A year ago, 15-year rates averaged 3.34 percent.

Source: Freddie Mac

Home Loan Rates Ease Slightly This Week

“Treasury yields fell from a week ago, helping to drive mortgage rates modestly lower,” asys Len Kiefer, Freddie Mac’s a economist. “The yield on the 10-year Treasury dipped below 2.8 percent for the first time since early February of this year. The decline in Treasury yields comes as investors move into safer assets amid increased trade tensions. Following Treasury yields, mortgage rates fell slightly.”

Freddie Mac reports the following national averages for the week ending March 29:

  • 30-year fixed-rate mortgages: averaged 4.44 percent, with an average 0.5 point, dropping from last week’s 4.45 percent average. Last year at this time, the 30-year fixed-rate mortgage averaged 4.14 percent.
  • 15-year fixed-rate mortgages: averaged 3.90 percent, with an average 0.5 point, dropping from last week’s 3.91 percent average. A year ago, 15-year rates averaged 3.39 percent.

Source: Freddie Mac

Mortgage Rates Barely Budge This Week

After last week’s first rate drop of the year, mortgage rates showed little change this week—a welcome sign for the week’s kickoff to the spring home shopping season. But home buyers and borrowers should expect several rate increases over the next few months, economists caution.

“The Federal Reserve raised interest rates [this week]—a much-anticipated move that comes as both U.S. and global economic fundamentals continue to strengthen,” says Len Kiefer, Freddie Mac’s deputy chief economist. “The Fed’s decision to raise interest rates by a quarter of a percentage point puts the federal funds rate at its highest level since 2008. The decision, while widely expected, sent the yield on the benchmark 10-year Treasury soaring.” (Read: Fed Raises Rates: What This Means for Mortgages)

Freddie Mac reports the following national averages for the week ending March 22:

  • 30-year fixed-rate mortgages: averaged 4.45 percent, with an average 0.5 point, rising from last week’s 4.44 percent average. Last year at this time, 30-year rates averaged 4.23 percent.
  • 15-year fixed-rate mortgages: averaged 3.91 percent, with an average 0.5 point, rising from last week’s 3.90 percent average. A year ago, 15-year rates averaged 3.44 percent.

Source: Freddie Mac

Home Loan Rates Post First Decline of 2018

Following nine consecutive weeks of increases, borrowers finally got some relief this week with mortgage rates. The 30-year fixed-rate mortgage posted its first week-over-week decrease of 2018.

“Tuesday’s Consumer Price Index report indicated inflation may be cooling down; headline consumer price inflation was 2.2 percent year over year in February,” says Len Kiefer, Freddie Mac’s deputy chief economist. “Following this news, the 10-year Treasury fell slightly. Mortgage rates followed.”

Freddie Mac reported the following national averages for the week ending March 15:

  • 30-year fixed-rate mortgages: averaged 4.44 percent, with an average 0.5 point, dropping from last week’s 4.46 percent average. Last year at this time, 30-year rates averaged 4.30 percent.
  • 15-year fixed-rate mortgages: averaged 3.90 percent, with an average 0.5 point, dropping from last week’s 3.94 percent average. A year ago, 15-year rates averaged 3.50 percent.

Source: Freddie Mac

Mortgage Rates Tick Up for 9th Straight Week

Borrowers were once again faced with rising mortgage rates this week. The 30-year fixed-rate mortgage continues to be at its highest average in four years.

“The U.S. weekly average 30-year fixed mortgage rate rose 3 basis points to 4.46 percent in this week’s survey, its highest level since January 2014.” explains Len Kiefer, Freddie Mac’s chief economist.

Freddie Mac reports the following national averages for the week ending March 8:

  • 30-year fixed-rate mortgages: averaged 4.46 percent, with an average 0.5 point, increasing from last week’s 4.43 percent average. Last year at this time, 30-year rates averaged 4.21 percent.
  • 15-year fixed-rate mortgages: averaged 3.94 percent, with an average 0.5 point, increasing from last week’s 3.90 percent average. A year ago, 15-year rates averaged 3.42 percent.

Source: Freddie Mac

Survey: Home Owners Worried, Buyers Excited

Consumer sentiment is following an unusual trend for a seller’s market: Home buyers are upbeat, but homeowners are less so, according to ValueInsured’s latest quarterly survey of about 1,600 consumers. Why the divergence between buyers and owners? Some homeowners may feel stuck, while buyers are anxious to jump into real estate before home prices and mortgage rates rise further.

Fifty-eight percent of homeowners surveyed say they want to sell but are holding off because they don’t want to purchase again at today’s higher prices. Fifty-nine percent of owners say they believe buyers in their area are overpaying for a home, according to the survey.

Buyers still have plenty of concerns, such as saving for a down payment and eroding housing affordability, particularly in the nation’s hottest housing markets. Some say they are ready to make some sacrifices to afford their first home.

We suggest you view charts and data at: ValueInsured Modern Homebuyer Survey

Mortgage Rates Still Climbing, Not Fading!

The 30-year fixed-rate mortgage shows little signs of stopping its gradual move upwards week to week. This marks the seventh consecutive week for higher mortgage rates, the highest since April of 2014, and rates continue to be at a four-year high.

“Mortgage rates have followed U.S. Treasury’s higher in anticipation of higher rates of inflation and further monetary tightening by the Federal Reserve. Following the close of our survey, the release of the [Federal Open Market Committee] minutes for February 21, 2018, sent the 10-year Treasury above 2.9 percent. If those increases stick, we will likely see mortgage rates continue to trend higher.” says Len Kiefer, Freddie Mac’s chief economist.

Freddie Mac reports the following national averages for the week ending Feb. 22:

  • 30-year fixed-rate mortgages: averaged 4.40 percent, with an average 0.5 point, rising from last week’s 4.38 percent average. Last year at this time, 30-year rates averaged 4.16 percent.
  • 15-year fixed-rate mortgages: averaged 3.85 percent, with an average 0.5 point, increasing from last week’s 3.84 percent average. A year ago, 15-year rates averaged 3.37 percent.

Source: Freddie Mac

Climbing Mortgage Rates at 4-Year High

Mortgage rates continued to inch higher this week, marking the sixth consecutive week for borrowing cost increases for home shoppers.

“Wednesday’s Consumer Price Index report showed higher-than-expected inflation; headline consumer price inflation was 2.1 percent year-over-year in January, two-tenths of a percentage point higher than the consensus forecast,” explains Len Kiefer, Freddie Mac’s deputy chief economist.

Freddie Mac reports the following national averages for the week ending Feb. 15:

  • 30-year fixed-rate mortgages: averaged 4.38 percent with an average 0.6 point, rising from last week’s 4.32 percent average. Last year at this time, 30-year rates averaged 4.15 percent.
  • 15-year fixed-rate mortgages: averaged 3.84 percent, with an average 0.5 point, increasing from last week’s 3.77 percent average. A year ago, 15-year rates averaged 3.35 percent.

Source: Freddie Mac

Is Market Volatility Giving Buyers Cold Feet?

It seems a 1,000-plus point drop in the stock market last week mixed with rising interest rates may have been enough to give homeowners and buyers the jitters. Overall mortgage applications last week dipped 4.1 percent week over week on a seasonally adjusted basis, the Mortgage Bankers Association reported Wednesday.

Broken out, mortgage applications for home purchases plunged 6 percent last week. However, that number is still 4 percent higher than last year. Home buyers complain of weakened affordability and lengthier home searches in research released this week by the National Association of Home Builders. Refinance applications dipped 2 percent last week, but they remain 2.8 percent higher than the same week a year ago.

Mortgage rates continue to move upwards. Last week the 30-year fixed-rate mortgage rose to its highest rate since January 2014, averaging 4.57 percent, the MBA reported.

Source: “Stock Jitters and Higher Interest Rates Drive Weekly Mortgage Applications Down 4.1%,” CNBC (Feb. 14, 2018)

Home Loan Interest Rates are ‘Pressing Higher’

The 30-year fixed-rate mortgage reached its highest average since December 2016, Freddie Mac reports. This is the fifth consecutive week that mortgage rates have been on the rise, increasing borrowing costs for home shoppers heading into the spring buying season.

Following a turbulent Monday, financial markets settled down with the 10-year Treasury yield resuming its upward march. Mortgage rates have followed,” says Len Kiefer, Freddie Mac’s deputy chief economist. “Will higher rates break housing market momentum? It’s too early to tell for sure.”

Freddie Mac reports the following national averages for the week ending Feb. 8:

  • 30-year fixed-rate mortgages averaged 4.32 percent, with an average 0.6 point, rising from last week’s 4.22 percent average. Last year at this time, 30-year rates averaged 4.17 percent.
  • 15-year fixed-rate mortgages averaged 3.77 percent, with an average 0.5, up from a 3.68 percent average last week. A year ago, 15-year rates averaged 3.39 percent.

Source: Freddie Mac