Mortgage Rates Slightly Higher, Ending Last Week’s Streak
Mortgage loan interest rates were sideways to slightly higher to end last week, and on Monday things kicked off with rates pushing slightly lower. But on Tuesday rates took a turn upward, pushing some closing costs higher but also breaking conventional loans out of their previous single-number best execution rate and into a new range.
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Long-term U.S. mortgage rates edged slightly higher this week amid continued anxiety in financial markets as interest rates rise. Home borrowing rates remain at their highest levels in more than seven years, with the key 30-year rate approaching 5 percent. Mortgage buyer Freddie Mac said Thursday the rate on 30-year, fixed-rate mortgages ticked up to an average 4.86 percent this week from 4.85.
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The average rates on a 30-year fixed rate mortgage made its way up to 4.22% (0.5 points) in last Thursday’s PMMS. With mortgage rates on the rise for four consecutive weeks now, one’s natural curiosity begins to wonder where and when the climb will end.
Mortgage rates began the day in slightly lower territory compared to last Friday afternoon, but they’d risen noticeably from Wednesday to Friday. The recovery.
Current Mortgage rates are slightly higher this week for the first time in seven weeks in Freddie Mac’s current Primary Mortgage market survey. 30 year mortgage rates are up to 4.79 percent for the week ending June 3, 2010, up slightly from last week’s average 30 year mortgage rate of 4.78 percent.
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Home borrowing rates remain at their highest levels in more than seven years, with the key 30-year rate approaching 5 percent. Mortgage buyer Freddie Mac said Thursday that the rate on 30-year fixed-rate mortgages ticked up to an average 4.86 percent this week from 4.85 percent last week. A year ago, it stood at 3.94 percent.
Mortgage applications declined 2.4% from last week, according to data from the Mortgage Bankers Association’s Weekly Mortgage.
The unadjusted purchase index rose by 21% for the week and was 7% higher year over year. Mortgage loan rates for a top-tier 30-year fixed-rate loan rose by more than 0.1% to 3.95% last week.
Rates Pitch Higher After Weeks in the Low May 4, 2017 By Chris Hamler In a recent report released by Freddie Mac’s Primary Mortgage Market Survey (PMMS) covering the week ending April 27, mortgage rates were shown to have increased, a first from a five-week decline.