Average fixed mortgage rates continued to trend higher amid market expectations of a possible rate increase by the Federal Reserve and following a stronger than expected jobs report, according to the latest results fromFreddie Mac’sPrimary Mortgage Market Survey.(Source: Freddie Mac)
The 30-year fixed-rate mortgage averaged 3.98% for the week ending Nov. 12, 2015, up fromlast weekwhen it averaged 3.87%. A year ago at this time, the 30-year FRM averaged 4.01%.
Also increasing, the 15-year FRM averaged 3.20%, up from last week when it averaged 3.09%. In 2014, the 15-year FRM averaged 3.20%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.03%, up from last week when it averaged 2.96%. Last year, the 5-year ARM averaged 3.02%.
The 1-year Treasury-indexed ARM averaged 2.65%, up from 2.62% last week. A year ago, the 1-year ARM averaged 2.43%.
“Thepositive employmentreports pushed Treasury yields to about 2.3% as investors responded by placing a higher likelihood on a December rate hike,” said Sean Becketti, chief economist for Freddie Mac.
“Mortgage rates followed with the 30-year jumping 11 basis points to 3.98%, the highest since July. There is only one more employment report before the December FOMC meeting, which will have major implications on whether we see a rate hike in 2015,” he continued.
Taken from Brena Swanson, housingwire.com
Author:Hector del Gaiso Phone: 951-415-3607 Dated: November 17th 2015 Views: 1,704 About Hector: I give each of my clients my personal guarantee that they will be satisfied with my services. Over 7...
View our latest blog posts in your RSS reader. Click here to access.
Our philosophy is simple: put our client's interests first! Whether you are buying or selling your home, our goal is to make your satisfaction our number one priority. We are expert negotiators, not pushy sales people.
From the start, our primary objective is to understand our client’s needs and goals. We listen carefully to what our buyers are looking for and only focus on finding properties that meet their criteria.
Our sellers can rest assure that we will implement a carefully crafted marketing plan. Our profesional pictures, and carefully drafted property outlines will be posted on all major real estate websites creating maximum exposure on our listings
Contact us to for a no obligation consultation and learn why we are becoming one of the premier real estate companies in th e Inland Empire.