The average mortgage rates saw a rapid rise for two weeks in a row in the middle of strong economic signs in the market. According to the Primary Mortgage Market Survey conducted by Freddie Mac for the week ending November 14, 2013, the benchmark 30 year fixed mortgage rates increased for the second consecutive week.
As of now, the 30 year fixed rate mortgage loans are averaged at an interest rate of 4.16% and an average discount of 0.8. The rates have moved up from the last week’s interest rates, when the same loans were averaged at a rate of 4.10%. About a year ago, during the same period, 30 fixed rate mortgage loans averaged at a rate of 3.40%.
In the short term finance division, the 15 year fixed rate mortgage options are now averaged at a rate of 3.27% and an average discount point of 0.7. In comparison to last week’s rates, when 15 year FRMs were averaged at a rate of 3.20%, the rates have gone up by 0.7 price points. In 2012, during the same time of the year, the 15 year fixed mortgage loans averaged at a rate of 2.69%.
The popular 5 year treasury indexed hybrid adjustable rate mortgage schemes are averaged at an interest rate of 2.96% and a discount of 0.5 point. The 5 year ARMs have remained unchanged from the average rates that averaged in the last week’s survey. In the same time period last year, the 5 year ARMs options averaged at a rate of 2.73%.
In the 1 year counterpart of 5 year ARMs, averaged at a rate of 2.61% for the week ending November 14 2013 and an average discount of 0.5 point. It is the only area where the rates experienced a downfall. The last week, the 1 year ARM loans averaged at a rate of 2.64%, and during the same time period last year, these loans averaged at a rate of 2.59%.
Freddie Mac, the second largest mortgage lender in the US, today sold reference bills worth $3.0 billion at a higher rate of interest and a quite strong demand in comparison to the recent sales of the same maturities and similar amounts. The demand was certainly stronger and had a bid-cover ratio of 5.35, which rose from 4.37 ratio for the funds that were sold last week by the lender.
Disclaimer: The rates quoted above are basically the average advertised by a particular lending company. No guarantee of taken from the lender’ aspect whether the borrower will qualify for the mortgage rates mentioned in the article. The lenders dole out interest depending upon various facets, some of which may be unique to the borrower. This website does not engage in the sale or promotion of financial products and makes no claims as to the accuracy of the quotation of interest rates.