Mortgage Rates Drop, Ending Streak

The streak is over. After seven straight weeks of increases, mortgage rates dropped this week as the 30-year fixed-rate mortgage averaged 3.13 percent, according to Freddie Mac’s weekly Primary Mortgage Market Survey released Thursday. The survey found: The 30-year fixed-rate mortgage averaged 3.13 percent with an average 0.7 point for the week, down from last week’s 3.18 percent and last year’s 3.33 percent at this time.The 15-year fixed-rate mortgage averaged 2.42 percent with an average 0.6 point, down from last week’s 2.45 percent and last year’s 2.77 percent.The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.92 percent with an average 0.1 point, up from last week’s 2.84 percent and down from last year’s 3.40 percent. “As the economy recovers, it should…

Mortgage Rates Largely Steady For Week

The 30-year fixed-rate mortgage increased for the seventh straight week – but it was a tiny one this week, according to Freddie Mac’s weekly Primary Mortgage Market Survey released Thursday. The survey found: The 30-year fixed-rate mortgage averaged 3.18 percent with an average 0.7 point, up from last week’s 3.17 percent and down from last year’s 3.33 percent at this time.The 15-year fixed-rate mortgage averaged 2.45 percent with an average 0.6 point, unchanged from last week and down from last year’s 2.82 percent.The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.84 percent with an average 0.3 point, unchanged from last week and below last year’s 3.40 percent. “Although mortgage rates remain low, we are beginning to see a pullback by those…

Mortgage Rates Increase For 6th Straight Week

Mortgage rates continued their steady climb north of 3 percent this week, with the 30-year fixed-rate mortgage reaching its highest level since last June, according to Freddie Mac’s weekly Primary Mortgage Market Survey released Thursday. The survey found: The 30-year fixed-rate mortgage averaged 3.17 percent with an average 0.7 point, up from last week’s 3.09 percent and down from the 3.50 percent last year at this time.The 15-year fixed-rate mortgage averaged 2.45 percent with an average 0.6 point, up from last week’s 2.40 percent and down from last year’s 2.92 percent.The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.84 percent with an average 0.2 point, up from last week’s 2.79 percent and last year’s 3.34 percent. “During the course of the…

Mortgage Rates Up For 5th Straight Week

Another week, another increase in mortgage rates. For the fifth week in a row, the 30-year fixed-rate mortgage saw an increase in Freddie Mac’s weekly Primary Mortgage Market Survey released Thursday. The survey found: The 30-year fixed-rate mortgage averaged 3.09 percent with an average 0.7 point for the week, up from last week’s 3.05 percent and down from last year’s 3.65 percent.The 15-year fixed-rate mortgage averaged 2.40 percent with an average 0.7 point, up from last week’s 2.38 percent and down from last year’s 3.06 percent.The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.79 percent with an average 0.3 point, up from last week’s 2.77 percent and down from last year’s 3.11 percent. “As expected, mortgage rates continued to inch up…

Mortgage Applications Dip Among Higher Rates

Mortgage applications dropped 2.2 percent last week as mortgage rates continued to climb, according to a new report released Wednesday by the Mortgage Bankers Association. MBA’s weekly survey found that the Refinance Index decreased 4 percent for the week ending March 12 – and was 39 percent lower than the same week a year ago. The Purchase Index was up 3 percent for the week and was 5 percent higher than a year ago. The refinance share of mortgage activity decreased to 62.9 percent of total applications from 64.5 percent the previous week. The adjustable-rate mortgage share of activity decreased to 2.7 percent of total applications. “Mortgage application activity was mixed last week, as the run-up in rates continues to…

Up, Up, Up: Interest Rates Climb Higher

Mortgage rates climbed higher for the fourth straight week as optimism around the economy improves, Freddie Mac reported Thursday in its weekly Primary Mortgage Market Survey. The survey found: The 30-year fixed-rate mortgage averaged 3.05 percent with an average 0.6 point, up from last week’s 3.02 percent and down from last year’s 3.36 percent.The 15-year fixed-rate mortgage averaged 2.38 percent with an average 0.6 point, up from last week’s 2.34 percent and down from 2.77 percent last year at this time.The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.77 percent with an average 0.3 point, up from last week’s 2.73 percent and down from last year’s 3.01 percent. “As the economy improves given labor market optimism, continued vaccination roll-out and additional…

Mortgage Rates Top 3% For First Time Since July

Mortgage rates climbed to 3.02 percent this week, their highest level since the week ending July 23, according to Freddie Mac’s Primary Mortgage Market Survey released Thursday. The survey found: The 30-year fixed-rate mortgage averaged 3.02 percent with an average 0.6 point, up from last week’s 2.97 percent and down from 3.29 percent at this time last year.The 15-year fixed-rate mortgage averaged 2.34 percent with an average 0.7 point, unchanged from last week and well below last year’s 2.79 percent.The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.73 percent with an average 0.3 point, down from last week’s 2.99 percent and below last year’s 3.18 percent. “Since reaching a low point in January, mortgage rates have risen by more than 30…

Has The Predicted Surge In Mortgage Rates Begun?

By Elise Daniel Interest rates jumped to 2.97 percent last week, the highest they’ve been in six months. On its own, the increase is not significant—but it may actually be monumental if it is the beginning of a rate surge that has been long predicted. If the historic decline in rates that we have been experiencing has finally reached its bottom, then today’s rates may be the lowest available for months, and maybe years, to come. But if the surge doesn’t arrive and this week’s minor increase is just a predictable blip, then the frenzy will have been overblown. One market watcher has said that a “perfect storm is brewing,” but as any meteorologist knows, prediction is always a hard game. Market prediction…

Mortgage Rates Climb Toward 3%

Mortgage rates climbed again this week, inching ever closer to 3 percent as confidence in the economy begins to climb, according to Freddie Mac’s weekly Primary Mortgage Market Survey released Thursday. The survey found: The 30-year fixed-rate mortgage averaged 2.97 percent with an average 0.6 point for the week ending February 25, 2021, up from last week’s 2.81 percent and down from 3.45 percent last year at this time.The 15-year fixed-rate mortgage averaged 2.34 percent with an average 0.6 point, up from last week’s 2.21 percent and down from last year’s 2.95 percent.The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.99 percent with an average 0.1 point, up from last week’s 2.77 percent and down from last year’s 3.20 percent. “Optimism…

Mortgage Rates Jump … To 2.81%

Mortgage rates climbed for the first time in weeks but remain near historically low levels, according to the weekly Primary Mortgage Market Survey released Thursday by Freddie Mac. The survey found: The 30-year fixed-rate mortgage averaged 2.81 percent with an average 0.7 point for the week, up from last week’s 2.73 percent and 3.49 percent last year at this time.The 15-year fixed-rate mortgage averaged 2.21 percent with an average 0.7 point, up from last week’s 2.19 percent and last year’s 2.99 percent.The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.77 percent with an average 0.2 point, down from last week’s 2.79 percent and last year’s 3.25 percent. The 30-year fixed-rate mortgage is at its highest point since mid-November. “Economic spending has…