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Mortgage Rates Increase After Five Consecutive Weeks of Declines

After five consecutive weeks of rates dropping, they have finally began to increase again; with all the programs increasing in rate and APR with the exception of the 30-year fixed jumbo loan program that decreased by 12 basis points and the 30 and 15-year fixed conventional programs who’s rates remained the same as last week. The overall change to APR was an increase of 14.1basis points. The largest change can be seen in the 30-year fixed FHA program which increased by a substantial; 57.9 basis points.

Take a look at the Freddie Mac Survey of the 30-year fixed rate movement over the past year:

The Freddie Mac mortgage rate increased for the first time in five weeks. It increased by 6 basis point to an APR of 4.03%. APR still remains higher than the APR a year ago when it was at a level of 3.66% APR.

Attributed to Sean Becketti, chief economist, Freddie Mac.

“The 10-year Treasury yield rose about 10 basis points this week. The 30-year mortgage rate moved with Treasury yields, rising 6 basis points to 4.03 percent. Despite recent swings in mortgage rates, the housing market continues to show signs of strength — both existing and new home sales in March exceeded expectations, and the Case-Shiller Home Price Index posted another solid gain.”

Written by Central Coast Lending - Go to Central Coast Lending's Website/Profile