Following four consecutive weeks of sharp declines, Freddie Mac reports an increase in the 30-year fixed mortgage rate to 5.68% during the week ended Jan. 31 from 5.48% the prior week. The 15-year fixed mortgage rate rose to 5.17% from 4.95% over the same time span. Meanwhile, the five-year adjustable mortgage rate edged up to 5.32% from 5.13%; and the one-year ARM climbed to 5.05% from 4.99%. Freddie Mac chief economist Frank Nothaft attributes the recent gains to an uptick in 10-year Treasury bonds.
This increase in mortgage rates is completely unexpected and not a new trend. We anticipate rates to continue their steady decline all the way to the next Presidential election in November, expect small corrections all the way down to consistantly sub 5% fixed rates.
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