The big question in every buyer's mind this month is, "How high will it go?"In addressing the answers to this important question I want to lay out 5 principles of real estate market swings.1.
National Mortgage Rates Average Above 4 Percent
Average mortgage rates are moving up, posting increases for the second consecutive week.
“After fully absorbing the sharp increases in Treasury yields over the past couple of weeks, the 30-year mortgage rate has cleared the psychologically important 4 percent mark for the first time since May,” says Sean Becketti, Freddie Mac’s chief economist.
Freddie Mac reports the following national averages with mortgage rates for the week ending July 13:
30-year fixed-rate mortgages averaged 4.03 percent, with an average 0.5 point, increasing from last week’s 3.96 percent average. Last year at this time, 30-year rates averaged 3.42 percent.
15-year fixed-rate mortgages averaged 3.29 percent, with an average 0.5 point, increasing from last week’s 3.22 percent average. A year ago, 15-year rates averaged 2.72 percent.
5-year hybrid adjustable-rate mortgages averaged 3.28 percent, with an average 0.5 point, rising from last week’s 3.21 percent average. Last year at this time, 5-year ARMs averaged 2.76 percent.
DAILY REAL ESTATE NEWS | FRIDAY, JULY 14, 2017 Source: Freddie Mac http://realtormag.realtor.org/daily-news/2017/07/14/mortgage-rates-push-above-4-average
Kat Royer is a graduate of Virginia Tech with a Bachelor’s degree in Hospitality and Tourism Management and minor in Real Estate. She worked for 7 years in operations and sales for a major internat....