Thursday
October 23, 2014

Improving Economy Sends Mortgage Rates Higher

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Improving Economy Sends Mortgage Rates Higher

Stronger signs of job growth and consumer spending are pushing up mortgage rates, Freddie Mac reports in its weekly mortgage market survey. The 30-year fixed-rate mortgage -- the most popular choice among home buyers -- reached its highest reading since Aug. 23, 2012.

Freddie Mac reports the following national averages with mortgage rates for the week ending March 14: 

  • 30-year fixed-rate mortgages: averaged 3.63 percent, with an average 0.8 point, rising from last week’s 3.52 percent. . A year ago at this time, 30-year rates averaged 3.92 percent. On Nov. 21, the 30-year fixed-rate mortgage had reached an all-time low of 3.31 percent.
  • 15-year fixed-rate mortgages: averaged 2.79 percent, with an average 0.8 point, rising from last week’s 2.76 percent average. Last year at this time, 15-year rates averaged 3.16 percent. 
  • 5-year adjustable-rate mortgages: averaged 2.61 percent, with an average 0.6 point, dropping from last week’s 2.63 percent average. Last year at this time, 5-year ARMs averaged 2.83 percent. 
  • 1-year ARMs: averaged 2.64 percent, with an average 0.4 point, rising from last week’s 2.63 percent average. A year ago, 1-year ARMs averaged 2.79 percent. 

Source: Freddie Mac

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