ABBA First Mortgage News

Moving up quickly-Rates up a .05%

Rates rose dramatically in the past week. For the week ending April 19, Freddie Mac announced that 30-year fixed rates rose to 4.47% from 4.42% the week before. The average for 15-year loans increased to 3.94% and the average for five-year adjustables moved up to 3.67%. A year ago, 30-year fixed rates averaged 3.97%. Attributed to Len Kiefer, Deputy Chief Economist, Freddie Mac –“Treasury yields rose ahead of the release of the Fed’s Beige Book and speeches from New York Fed President William Dudley and Fed Governor Randal Quarles. According to the Beige Book, economic activity in March and early April continued to expand at a moderate pace, however there is concern from various industries surrounding tariffs. Following Treasurys, rates on home loans increased. The U.S. weekly average 30-year fixed rate rose 5 basis points to 4.47 percent in this week’s survey, its highest level since January of 2014 and the largest weekly increase since February of this year.”

Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

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