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Mortgage Rates Slowly Rising

For the third consecutive week, mortgage rates inched higher, but potential home buyers shouldn’t sweat it too much. Mortgage rates are still hovering below levels from a year ago. When evaluating interest rates, it matters for your monthly payment adjustments. If a .2% increase only changes your monthly payment by a couple dollars, no need to worry. However, a rate change that affects your monthly payment by hundreds of dollars, warrants a closer look and re-evaluating your situation. 

Freddie Mac reports the following national averages with mortgage rates for the week ending March 17:

  • 30-year fixed-rate mortgage (FRM) averaged 3.73 percent with an average 0.5 point for the week ending March 17, 2016, up from last week when it averaged 3.68 percent. A year ago at this time, the 30-year FRM averaged 3.78 percent. 
  • 15-year FRM this week averaged 2.99 percent with an average 0.4 point, up from last week when it averaged 2.96 percent. A year ago at this time, the 15-year FRM averaged 3.06 percent. 
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.93 percent this week with an average 0.5 point, up from last week when it averaged 2.92 percent. A year ago, the 5-year ARM averaged 2.97 percent.

Considering getting Pre-Approved? Need recommendations on lenders? Send us an email and we can forward some suggestions. Contact@mandrellco.com

Source: Freddie Mac