Mortgage Rates on the Rise

As positive employment indicators roll in, mortgage rates are on the rise.  And, as job growth over the last six months continues to be strong, we should see a mortgage rate increase this week. When you couple a rise in employment with the Federal Reserve’s stress test that point to stronger finances and Greek debit restructuring on the front, you get boosted investor confidence.

After a positive employment report for February, the US Treasury bonds began to yield an increase with mortgage rates following.  Recent studies from both Bankrate and Freddie Mac show the same measures of increase across the board.

New reports show the average rate for a 30-year mortgage were at 3.92% for the week ending March 15th, which is up from 3.88% the week before.  Regardless the fact of that increase, the average 30-year fixed mortgage rate has been below 4.00% for 15 consecutive weeks in a Freddie Mac study.  This is helping to keep homebuyer affordability high.  A Bankrate study zeros in on the 10 largest lenders in the 10 biggest markets and their rate quotes.  Other studies report data from 125 lenders across the country. 

So, because of that analysis, the 30-year fixed rate is at an average of 4.15% this week, up from 4.11% last week.  Also, Bankrate is reporting the 15-year fixed mortgage has stepped up from 3.34% last week to 3.38%.  And, the report showed the Adjustable-rate mortgage was higher as well with the 5-year ARM rising to 3.14%.  The 7-year ARM has risen to 3.3%.

Tom Kile – Your real estate source for Amarillo, TX and surrounding communities.

Originally posted at: http://activerain.com/blogsview/3095293/mortgage-rates-on-the-rise