Freddie Mac: Mortgage rates below 4% ten weeks straight
Oct 05 2015
A year ago, the rate averaged 4.19 percent, Freddie said. A year ago at this time, the 15-year FRM averaged 3.36%. A year ago, the five-year ARM averaged 3.06 percent.
WHAT I SEE: From rate sheets hitting my desk that are not part of Freddie Mac's survey: Locally, well qualified borrowers can get a 15-year fixed at 3.0 percent and zero cost and a 30-year fixed at 3.75 percent and zero cost. At this time previous year, the 1-year ARM averaged 2.42%. The 30-year fixed rate average has stayed below 4 percent for the past 10 weeks.
The benchmark 30 year fixed rate loan interest rates are listed at 3.625 % at Citi Mortgage carrying an April of 3.825 % today.
What's up with mortgage rates?
However, if the economic recovery remains on track, many economists expect the central bank's next move on interest rates will be to hike its overnight rate target, which will likely result in higher rates for variable-rate loans and mortgages.
The Labor Department says weekly applications for unemployment benefits rose by 10,000 last week to a seasonally adjusted 277,000. This is a worse figure than the consensus expectation, which had projected a reading of 50.6.
WASHINGTON (AP) - A private report finds that USA manufacturers expanded at their slowest pace in two years last month, held back by faltering global growth and cutbacks in oil and gas drilling. Construction spending has been increasing for nine straight months now. "This variable mortgage rate is now one of the lowest offers on the market today". On the other hand, if you like gambling that mortgage rates will fall after the release of the NFP data, you can always do it, but only float if you can afford to be wrong.