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Rates rose to their highest level in seven years in the past week. For the week ending May 17, Freddie Mac announced that 30-year fixed rates increased to 4.61% from 4.55% the week before. The average for 15-year loans rose to 4.08% and the average for five-year adjustables was up to 3.82%. A year ago, 30-year fixed rates averaged 4.02%. Attributed to Sam Khater, Chief Economist, Freddie Mac -- “Healthy consumer spending and higher commodity prices spooked the bond markets and led to higher rates on home loans over the past week. Not only are buyers facing higher borrowing cos...

May 22nd, 2018 The market

Time To Say Goodbye To Your Adjustable?

Most homeowners with adjustable-rate loans could experience their first interest rate increase if the low-interest-rate environment ends, according to survey results released by HSBC. The study revealed that 87% of US homeowners have never experienced a rate increase on their home loan. “From a homeowner’s perspective, we’re heading into unfamiliar territory,” said Pablo Sanchez, HSBC’s regional head of retail banking and wealth management for HSBC Bank USA. “The average US homeowner is already spending almost 40% of their monthly income on their housin...

April 17th, 2018 Time To Say Goodbye To Your Adjustable?

The Markets

Rates on 30-year fixed home loans moved down last week. For the week ending April 5, Freddie Mac announced that 30-year fixed rates fell to 4.40% from 4.44% the week before. The average for 15-year loans also decreased to 3.87% and the average for five-year adjustables also moved down to 3.62%. A year ago, 30-year fixed rates averaged 4.10%, higher than today's level. Attributed to Len Kiefer, Deputy Chief Economist, Freddie Mac -- “After dropping earlier this week on trade-related anxiety in the financial markets, the benchmark 10-year Treasury stabilized on Wednesday, bu...

April 10th, 2018 The Markets

The Markets

Rates on 30-year fixed home loans were stable in the past week. For the week ending March 15, Freddie Mac announced that 30-year fixed rates rose one tick to 4.45% from 4.44% the week before. The average for 15-year loans also increased slightly to 3.91% and the average for five-year adjustables rose to 3.68%. A year ago, 30-year fixed rates averaged 4.23%, higher than today's level. Attributed to Len Kiefer, Deputy Chief Economist, Freddie Mac -- "The Federal Reserve raised interest rates -- a much-anticipated move that comes as both U.S. and global economic fundament...

March 27th, 2018 The Markets

The Markets

Rates on 30-year fixed home loans decreased from week-to-week for the first time in 2018. For the week ending March 15, Freddie Mac announced that 30-year fixed rates fell to 4.44% from 4.46% the week before. The average for 15-year loans decreased to 3.90% and the average for five-year adjustables rose to 3.67%. A year ago, 30-year fixed rates averaged 4.30%, higher than today's level.  Attributed to Len Kiefer, Deputy Chief Economist, Freddie Mac -- "The Consumer Price Index report for last month indicated inflation may be cooling down -- as consumer price infla...

March 22nd, 2018 The Markets

The Markets

The rise in rates for home loans continued at a slower pace in the past week. For the week ending March 8, Freddie Mac announced that 30-year fixed rates increased to 4.46% from 4.43% the week before. The average for 15-year loans rose to 3.94% and the average for five-year adjustables rose one tick to 3.63%. A year ago, 30-year fixed rates averaged 4.21%, higher than today's level. Attributed to Len Kiefer, Deputy Chief Economist, Freddie Mac -- "The 10-year Treasury yield has been bouncing around in a narrow 15 basis point range for the last month. While the yield on the 10...

March 13th, 2018 The Markets

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