30 Year Fixed Mortgage Rates Rise For Sixth Consecutive Week
30 Year Fixed Mortgage Rates for California and rest of the country increased for sixth consecutive week. After touching a low of 3.35% in early May, the 30 Year Fixed Rate is at 3.98% according to Freddie Mac weekly mortgage survey. During the same time period, 15 year fixed has moved from 2.56% to 3.10%. Both rate options are at 0.7 points and applies to conforming loan balance under $417,000.
Mortgage Bankers Association’s (MBA) survey which is usually more accurate in my opinion reported a higher rate.
According to MBA, the average interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 4.15% with 0.48 points, the highest rate since March 2012.
The average interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) increased to 4.25% with 0.32 points, the highest rate since May 2012.
The average interest rate for 30-year fixed-rate mortgages backed by the Federal Housing Administration (FHA) increased to 3.81% with 0.26 points, the highest rate since April 2012.
The average contract interest rate for 15-year fixed-rate mortgages increased to 3.32% with 0.38 points, the highest rate since April 2012.
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Outlook For Mortgage Rates - We may have reached a point where rates should stabilize till we get another unexpected economy news. At that point the rates can go either ways depending on the news. If you have started the loan process, but haven’t locked the rate yet – lock on the day when rates improve. In last few weeks, every time the rate has improved for a day or two, it has been followed by few days of worsening rates. We at Arcus Lending constantly monitor the market so that we can advise our clients when to lock. Contact us if you are not sure whether to lock or float.
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