Rates were stable in the past last week. For the week ending April 12, Freddie Mac announced that 30-year fixed rates rose to 4.42% from 4.40% the week before. The average for 15-year loans remained at 3.87% and the average for five-year adjustables moved down slightly to 3.61%. A year ago, 30-year fixed rates averaged 4.08%, higher than today’s level. Attributed to Len Kiefer, Deputy Chief Economist, Freddie Mac –“Rates on home loans have been holding steady over the past two months. Rates have bounced around 4.4 percent since mid-February. Rates could break out and head higher if inflation continues to firm. The U.S. Bureau of Labor Statistics reported this week that the Consumer Price Index increased 2.4 percent over the 12 months ending in March, the largest 12-month increase in a year. Members of the Federal Reserve’s Federal Open Market Committee are looking at inflation indicators to help determine the appropriate path for policy. If inflation continues to trend higher, we may see two or three more rate hikes from the Fed this year, and rates on home loans could follow. For now, rates are still quite low by historical standards, helping to support homebuyer affordability as the spring homebuying season ramps up.” 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.
ABBA First Mortgage News
- Hard to believe that after going up and down and down and up- rates remain stable this past week-
- Looking for a low mortgage rate before they go up even higher? Check out ABBA First rates!
- Rising rates continue passing those of Aug 2013
- Although the MBS marketplace improved all day with slight movements upward, banks showed no signs of improving at all- not even an inch! It’s true. Banks easily worsen their rates at the drop of a dime, but are so very slow to improve their rates even when the market had allowed for it throughout the day. Keep your eyes open for any slight betterment that might be on the horizon that you will find on our rates page after these past several days of deterioration.
- Moving up quickly-Rates up a .05%