Get free access to our world class MLS search tools, save your favorite listings, create saved searches & much more!

Mortgage Rates Move Up for First Time in 2017

Posted by Mastura Zaini-Roberts on Tuesday, January 31st, 2017 at 2:06pm.

 

Following several weeks of decreases, mortgage rates were back on the rise this week.

"The 10-year Treasury yield increased more than 10 basis points this week,” says Sean Becketti, Freddie Mac’s chief economist. “The 30-year mortgage rate moved up as well to 4.19 percent, a 10 basis point jump. This week marks the first increase in the mortgage rate since December 29. The 2.8 percent decline in existing home sales in December is a reminder of the lack of homes for sale. According to the National Association of REALTORS®, supply is at its lowest level since 1999, a factor that should support higher house prices regardless of the oscillations of the mortgage rate."

Freddie Mac reports the following national averages with mortgage rates for the week ending Jan. 26:

  • 30-year fixed-rate mortgages: averaged 4.19 percent, with an average 0.4 point, rising from last week’s 4.09 percent average. Last year at this time, 30-year rates averaged 3.79 percent.
  • 15-year fixed-rate mortgages: averaged 3.40 percent, with an average 0.4 point, rising from last week’s 3.34 percent average. A year ago, 15-year rates averaged 3.07 percent.
  • 5-year ARMs: averaged 3.20 percent this week, with an average 0.4 point, dropping from last week’s 3.21 percent average. A year ago, 5-year ARMs averaged 2.90 percent.

 

article and graphic courtesy of DAILY REAL ESTATE NEWS and Freddie Mac and Realtor Magazine

Mastura Roberts
(702) 919-5400
offers@greatlasvegashomes.com

Team Leader, The Tonnesen Team
Berkshire Hathaway HomeServices, Nevada
3185 St Rose Pkwy #100 Henderson, NV 89052

With over 30 years of experience helping families call Las Vegas "home!"



Related Blog Posts

Heatwaves Are Not Always Bad Things! Las Vegas Sales on The Rise

While you’re sweltering in the heat, keep in mind that whether you’re buying or selling a home in Las Vegas, a swimming pool is more than a way to cool down  – it’s also a big factor in home values.  2016 is set to be a record-breaking year when it comes to weather.  According to...

February is Best for Housing Bargains

Typically winter months have a higher number of housing bargains due to stressful weather conditions and lack of competition, with February coming out on top as the month with the most housing deals. In fact, a recent study by Attom Data Solutions looked at the sales of 50 million homes from 2000 through 2016 and...

Greater Las Vegas Real Estate Market Overview

October 2017 Single Family Residential (SFR) closed sales were up 1.6% from September and up 13.2% compared to October 2016. Year to date 2017 closed sales are still up 9.8% over 2016.   The median closed sales price of a SFR dipped to $263,000 while the average closed sales price of an SFR ju...

The 10-Step Process to Perform a 1031 Exchange

Let’s walk through the step by step process for carrying out a 1031 exchange. Be aware that the following is just a general outline, so specific deals will likely vary slightly from this process.   The 10-Step Process to Perform a 1031 Exchange 1. Decide to sell and do a 1031 exchange.Not every purchase i...

Buyer demand hits new high

January proved to be a good start for the new year, as housing demand rose by 6.5%, according to Redfin.The company’s housing demand index reached a seasonally adjusted level of 130 last month, the highest since Redfin started tracking demand in January 2013.Year-over-year, buyer demand rose by 22.9%; tour reques...

Leave a Comment

Have a Question?

Contact Us

Follow Us