Mortgage Rates Rising – Buyers Beware | Scottsdale Real Estate

Mortgage rates rising – Buyers Beware | Scottsdale Real Estate

Notice to potential homebuyers. Mortgage rates rise for second week in a row.

Average fixed mortgage rates up slightly for the second week in a row, according to Freddie Mac’s weekly Primary Mortgage Market Survey.

“Mortgage rates crept up further following the uptick in the 10-year Treasury yield  as minutes of the Federal Reserve’s last meeting indicated little possibility of a pause in the central bank’s reduction of bond purchases,” said Frank Nothaft, vice president and chief economist, Freddie Mac.

“Housing starts in January fell 16% to a seasonally adjusted annual rate of 888,000 units, below consensus forecast,” Nothaft added. “Permits were at a seasonally adjusted annual rate of 937,000 in January, also below consensus.”

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30-year fixed-rate mortgage averaged 4.33% with an average 0.7 point for the week ending February 20, 2014, up from last week when it averaged 4.28%.

A year ago at this time, the 30-year FRM averaged 3.56%.

15-year FRM this week averaged 3.35% with an average 0.7 point, up from last week when it averaged 3.33%.  A year ago at this time, the 15-year FRM averaged 2.77%.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.08% this week with an average 0.5 point, up from last week when it averaged 3.05%.  A year ago, the 5-year ARM averaged 2.64%.

1-year Treasury-indexed ARM averaged 2.57% this week with an average 0.3 point, up from last week when it averaged 2.55%.  At this time last year, the 1-year ARM averaged 2.65%.

Trey Garrison

Author: Trey Garrison – Trey Garrison is the Senior Financial Reporter for HousingWire magazine and HW.com  Trey has served as real estate editor for the Dallas Business Journal, and was one of the founding editors of D CEO Magazine. He has been an editor for D Magazine — considered among the best city magazines in the United States — and a contributor for Reason magazine, the national magazine that promotes free minds and free markets. Follow him on Twitter @TreyGarrisonHW and reach him at 469-893-1502.

Article:  Mortgage rates keep ticking up – Homeowners take Note | Scottsdale Real Estate- February 20, 2014 10:17 AM