Mortgage rates jumped more than half a percent this week in Freddie Mac’s Weekly Survey with 30 year fixed rate loans rising to 4.46% (up 53 basis points on the week.) The 15 year fixed-rate was at 3.50%. These are the highest rates in nearly two years. In this environment, adjustable Rate Mortgages (ARMs) are gaining momentum with borrowers.
Day to day rates still remain volatile as 10 Year Treasury and FannieMae Bonds try to adjust to the new normal. Prognosticators are split on where bond rates move from here, but most don’t think we will get back to the lows from earlier in the year.
Note: Chart above is dynamic and reflects current survey, updated weekly.
For TODAYS’s mortgage rates, see below or more lenders at http://moneycafe.com/personal-finance/mortgage-rates/.