Freddie Mac’s weekly Prime Mortgage Market Survey shows that the average conforming rate last week reached a four year high with the 30 year at 4.58% priced with a half point.
If you’re hankering for a rate in the 3 percent range, you might consider the 5/1 ARM (adjustable rate mortgage with a 60 month fixed period).
Historically speaking, rates are still low.
I remember how surprising it was when rates first plunged under 5%. In my opinion, it won’t be long before we experience having rates pop back over that 5% mark.
From Freddie Mac’s PMMS:
Sam Khater, Freddie Mac chief economist, says mortgage rates increased for the third consecutive week, climbing 11 basis points to 4.58 percent. “Mortgage rates are now at their highest level since the week of August 22, 2013,” he said. “Higher Treasury yields, driven by rising commodity prices, more Treasury issuances and the steady stream of solid economic news, are behind the uptick in rates over the past week.”
Added Khater, “Despite the increase in borrowing costs, demand for home purchase credit remains solid. The Mortgage Bankers Association reported in their latest mortgage applications survey that activity was up 11 percent from a year ago.”
Remember, mortgage rates change constantly. The rates shown above are expired as they are from last week.
If you’re considering buying or refinancing a home located anywhere in Washington state, I am happy to help you! Click here if I can provide you with current rates for your home in Seattle, Bellevue, Bainbridge or anywhere in Washington.
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