ABBA First Mortgage News

Rising rates continue passing those of Aug 2013

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.

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