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
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