This morning, Freddie Mac released their weekly report on the direction of conforming mortgage rates. The graph from the Prime Mortgage Market Survey is quite telling. Mortgage rates have been pushing higher for the last 6 months. As the economy improves, it would be likely to see rates continue in this direction. The 30 year fixed is up 0.44 in rate from the low of 3.78 recorded in September 2017 and has not been reported this high since last March. Click here for quote with current mortgage rates.
From Len Kiefer, Deputy Chief Economist.
“The Federal Reserve did not hike rates this week, but the market views future hikes as a near certainty. The expectation of future Fed rate hikes and increased borrowing by the U.S. Treasury is putting upward pressure on interest rates. The 30-year fixed rate mortgage is up over a quarter of a percentage point (27 basis points) from the first week of the year. 30-year fixed mortgage rates have increased for four consecutive weeks and are now slightly above where they were last year at this time.”
If you are considering refinancing, I recommend checking it out as soon as possible. Although rates in the 4’s may seem high to some, it’s historically very low. If you have a HELOC (home equity line of credit) that does not have a fixed rate or will recast, or if you have credit cards attached to the prime rate, you may also want to look at refinancing to secure a low fixed rate instead of one that will move higher when the Fed hikes rates.
If your home is located anywhere in Washington state, I’m happy to help you with your refinance or mortgage for your home purchase. Click here if I can provide you with a detailed mortgage rate quote.
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