Tag Archives: Bankrate

Fixed mortgage rates this week moved down to their lowest levels so far in 2014, according to surveys from Freddie Mac and finance site Bankrate.com. Frank Nothaft, VP and chief economist for Freddie Mac, pointed to weaker housing data as the driving force behind this week’s rate movements.

It's been a quiet week for mortgage rates, which drifted down slightly as markets wait to see what comes of the Federal Open Market Committee's next meeting in late January.

Fixed mortgage rates increased sharply this week while reports on adjustable-rate mortgages were mixed. Freddie Mac puts the average 30-year fixed-rate mortgage at 4.46 percent for the week ending December 5, up from 4.29 percent last week. Bankrate's weekly national survey showed a rise of 11 basis points for the 30-year fixed-rate mortgage to 4.55 percent. Economists pinned the increases on encouraging growth in new home sales and private jobs.

After two straight weeks moving upward, mortgage rates reversed course following Federal Reserve chair nominee Janet Yellen's comment to lawmakers that ""there is more the Fed can do."" Investors expect Yellen's retraction of the central bank's stimulus measures to be slow and measured, and both bond yields and mortgage rates came in lower in response. Freddie Mac puts the average 30-year rate at 4.22 percent.

Over the past year, home prices have risen 16 percent and mortgage rates have climbed from 3.7 percent to 4.43 percent, all while incomes have risen by just 3 percent, according to Bankrate's Interest.com website. These diverging trends have led to a decline in affordability across the nation. In all of the nation's 25 largest metros, it's less likely buyers can afford a home this year compared to last year.

Though Capitol Hill's gridlock over the debt ceiling was resolved--for now, at least--mortgage rates this week took a spill as market uncertainty spooked investors. Freddie Mac released its Primary Mortgage Market Survey Thursday, which shows the 30-year fixed-rate mortgage falling to an average rate of 4.13 percent for the week ending October 24, down from 4.28 percent last week and hitting its lowest point in about four months.

Mortgage rates broke their streak of declines this week. Analysts say while the potential drag from the government shutdown and looming debt ceiling deadline had pulled rates lower in recent weeks, hopes that a promising deal was in the works served to ease those concerns and push rates higher. Freddie Mac reports the 30-year rate rose from 4.23 percent to 4.28 percent over the last week.

Fixed mortgage rates held more or less steady this week as Capitol Hill remained locked in debate over budgetary concerns. According to data in Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage averaged 4.23 percent for the week ending October 10, and the 15-year fixed rate came in at 3.31 percent.

August's mixed employment numbers did little to move mortgage rates this week, according to surveys from Freddie Mac and Bankrate.com. The GSE's study shows the average 30-year fixed rate staying put at 4.57 percent for the week ending September 12. By Freddie's assessment, that figure is up more than a full percentage point from 3.55 percent this time last year. Bankrate put the 30-year fixed-rate mortgage at 4.71 percent this week, down from 4.72 percent last week and up from 3.81 percent in mid-September 2012.

Mortgage interest rates headed higher this week, nearly reaching year-to-date highs as markets waited for the Friday morning release of the August Employment Situation Report. Freddie Mac's weekly survey put the 30-year fixed-rate mortgage at an average 4.57 percent for the week ending September 5, up from 4.51 percent last week. Shorter term fixed rates and adjustable-rate mortgages all climbed higher as well. Freddie Mac's chief economist attributed the rise in rates to ""signs of a stronger economic recovery.""