Update on Current Interest Rate Trends, April 17 F
ATTENTION: ONLY 2.5 MORE WEEKS TO LOCK IN YOUR RATE AND TERMS ON AN FHA LOAN BEFORE THE MONTHLY MORTGAGE INSURANCE INCREASES FROM .9% to 1.15% (or $21/month for every $100k borrowed). If you are thinking about buying a home sometime this year, there may not be a better time than finding your home in the next 2.5 weeks!!
What a crazy NCAA Basjetball Tournament this year. Personally, I didin't pick any of the current teams to make it to the final four. Several of you were much wiser than me. Good luck this weekend and may the best psychic win!
Interest rates are on their way up again. The average interest rates for mortgages nationwide have increased over the past two weeks after 4-6 weeks of decreases (see the graph below).
Rates are expected to be in the 5%'s this summer and with the increase to FHA monthly mortgage insurance, buying sooner rather then later is likely best for most of you.
To better understand how much interest rates influence monthly mortgage amounts, go back and view some of my past blog articles on the subject.
This is an analysis from mortgagematch.com that can be accessed at http://www.mortgagematch.com/news/mortgage-rates/mortgage-rates-up-for-second-week-1087/:
According to Freddie Mac’s Primary Mortgage Market Survey, mortgage rates rose for the second week in a row, although the typical rate for 30-year fixed-rate mortgages (FRMs) remained below5 percent it was still up five basis points from the previous week.
Mortgage rates had rose last week amid the worsening crisis in Japan and the Middle East, and concerns over inflation data, which Freddie Chief Economist Frank Nothaft noted in a press release was “relatively benign inflation reports.”
The average rates were up from last week’s 4.81 percent. Also, the rates are down compared to this time last year, when they averaged 5.08 percent.
This week 15-year fixed rates averaged 4.09 percent. That’s compared to last week’s 4.04 percent average, and last year’s 4.39 percent average.
For 5-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs), this week averaged 3.70 percent. This is an increase compared to last week’s 3.62 percent. At this time last year, it averaged 4.10 percent.
In addition, 1-year Treasury-indexed ARMs raised this week to 3.26, compared to last week’s 3.21 average. Last year’s average was 4.05 percent.
To obtain the rates, the 15- and 30-year fixed-rate mortgages and 5-year Tresury-index ARMs required the payment of an average 0.7 point in fees, while the 1-year Treasury-indexed ARMs required 0.6 point.
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