When thinking about mortgage rates during the last few weeks, I get dizzy. Rates have gone up. Rates have come down. They’ve also remained flat. In short, rates have gone in all sorts of different directions.
This week, according to the Primary Mortgage Market Survey, rates increased. The upward climb marks the second consecutive week rates have gone up. It wasn’t just a tiny escalation, either. In fact, the 30-year fixed-rate mortgage is at its highest level since September 19, 2013, when it averaged 4.50%. Here’s the word from Freddie Mac:
30-year fixed-rate mortgage (FRM) averaged 4.35% with an average 0.7 point for the week ending November 14, 2013, up from last week when it averaged 4.16%. A year ago at this time, the 30-year FRM averaged 3.34%.
15-year FRM this week averaged 3.35% with an average 0.7 point, up from last week when it averaged 3.27%. A year ago at this time, the 15-year FRM averaged 2.65%.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.01% this week with an average 0.4 point, up from last week when it averaged 2.96%. A year ago, the 5-year ARM averaged 2.74%.
1-year Treasury-indexed ARM averaged 2.61% this week with an average 0.4 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.55%.
As always, Frank Nothaft, vice president and chief economist from Freddie Mac, provided us with some valuable insight.
“Fixed mortgage rates increased this week following stronger than expected economic data releases. Nonfarm payrolls increased by 204,000 in October, above the consensus forecast. In addition, revisions added 60,000 additional jobs to the prior two month releases. Preliminary estimates indicate Real GDP growth in the third quarter was 2.8%, also above consensus.”
There you have it. Despite average rates increasing, rates are still unbelievably low. That’s why you need to act now. We’ve got low rates that you need to take advantage of right this very second. If you’re looking to refinance or get a new mortgage, don’t miss out on these great low rates! Call us today!