ABBA First Mortgage News

Rates march upward- although at a slower pace this past week

When rates go up, ABBA First Mortgage offers lower than market rates.  Call us at 866-676-3349 and find out for yourself.

The rise in rates for home loans continued at a slower pace in the past week. For the week ending March 1, Freddie Mac announced that 30-year fixed rates increased to 4.43% from 4.40% the week before. The average for 15-year loans rose to 3.90% and the average for five-year adjustables fell to 3.62%. A year ago, 30-year fixed rates averaged 4.10%, higher than today’s level. Attributed to Len Kiefer, Deputy Chief Economist, Freddie Mac — “Optimistic testimony on Capitol Hill from Federal Reserve Chairman Jerome Powell sent Treasury yields higher as Powell stated his outlook for the economy has strengthened since December. Following Treasurys, the 30-year fixed rates jumped 3 basis points in this week’s survey. The 30-year rate has been on a tear in 2018, climbing 48 basis points since the start of the year and increasing for eight consecutive weeks. We think that the strength in the economy and pent up housing demand should allow U.S. housing markets to post modest growth this year even with higher interest rates. We really have to wait for housing markets to heat up in spring, but early indications are that housing demand remains robust despite these rate increases.” 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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