Rates continued to rise in the past week. For the week ending April 26, Freddie Mac announced that 30-year fixed rates rose to 4.58% from 4.47% the week before. The average for 15-year loans increased to 4.02% and the average for five-year adjustables moved up to 3.74%. A year ago, 30-year fixed rates averaged 4.03%. Attributed to Sam Khater, Chief Economist, Freddie Mac — “Rates on home loans are now at their highest level since the week of August 22, 2013. 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. Despite the increase in borrowing costs, demand for home purchase credit remains solid.” 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
« 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.
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- Rates are stable-after they rose and then they fell.
- What happens when rates rise to 7 year high?
- Take advantage of where the rates are NOW!
- Finally- rates did NOT increase this past week and the market saw a little reprieve.
- Rates up to highest in 7 years but ABBA First is towing the line (and the Feds might too!)