Ryan’s Mortgage Blog:
I wanted to provide a post about how the mortgage market is doing since I haven’t written about it in a while. I have seen rates rise slightly over the last couple weeks and an article from www.mortgagenewsdaily.com provided a possible explanation. Below is an excerpt from the article:
Mortgage rates rose slightly last week based on encouraging news about job growth. Conversely, fees and points related to originating mortgages have declined based on 3 of the 4 programs surveyed.
Freddie Mac’s Primary Mortgage Market Survey reported that the 30-year fixed-rate mortgage averaged 6.22 percent with an average 0.4 point for the week ending April 12, 2007, up from last week when it averaged 6.17 percent with 0.4 point. Last year at this time, the 30-year averaged 6.49 percent.
According to Frank Nothaft, Freddie Mac vice president and chief economist, “Interest rates in general ticked up following the release of the March employment data, which showed stronger job growth than what the market expected. This brought interest rates on 30-year fixed-rate mortgages back up this week to match the first quarter average.”
If you have any questions or comments I can be reached at my NEW email address RBaker@PeregrineLending.com. That’s right, I am with a new company as well…I followed in Keith’s footsteps with a change.