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2018-11-10 06:03:39
Mortgage Rates Rise this Week

The economy continued to show resilience as strong business activity and growth in employment drove the 30-year fixed mortgage rate to a seven year high of 4.94 percent – up 11 basis points from last week.

”Sam Khater, Freddie Mac’s chief economist, says,

“Higher mortgage rates have led to a slowdown in national home price growth, but the price deceleration has been primarily concentrated in affluent coastal markets such as California and the state of Washington.

The more affordable interior markets – which have not yet experienced a slowdown home price growth – may see price growth start to moderate and affordability squeezed if mortgage rates continue to march higher.”

Mortgage rates were on the rise this week, and as a result, home buyers faced higher borrowing costs. The 30-year fixed rate rose to its highest average in seven years, averaging 4.94 percent this week, Freddie Mac reports.

Freddie Mac reports the following national averages for the week ending Nov. 8:

News Facts

  • 30-year fixed-rate mortgages: averaged 4.94 percent, with an average 0.5 point, increasing from last week’s 4.83 percent average. Last year at this time, 30-year rates averaged 3.90 percent.

  • 15-year fixed-rate mortgages: averaged 4.33 percent, with an average 0.5 point, increasing from last week’s 4.23 percent average. A year ago, 15-year rates averaged 3.24 percent.

  • 5-year hybrid adjustable-rate mortgages: averaged 4.14 percent, with an average 0.3 point, increasing from last week’s 4.04 percent average. A year ago, 5-year ARMs averaged 3.22 percent.


Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

3 Tips to Improve Your Credit

Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. 

Are you ready to make a move we're here to Help! When you’re working with real estate professionals like Carriene Porter of Precision Realty & Associates, you’re guaranteed to get the expertise and advice you need. 

Not quite ready to buy a home?  You may qualify for the Lease with a Right to Purchase program.  Call me and I'll give you the details on how you may qualify to get into the home you want, get settled and then purchase it when you are ready! If you prefer a more personal touch, CALL 801-809-9866 today.  

 

#LeasePurchase #UtahRealEstate #Mortgage #Creditscore

Source: FredieMac

 
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