Fixed-Rates Inch Closer to 3% Mark

first_img About Author: Eric C. Peck Sign up for DS News Daily Fixed-Rates Inch Closer to 3% Mark Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Eric C. Peck has 20-plus years’ experience covering the mortgage industry, he most recently served as Editor-in-Chief for The Mortgage Press and National Mortgage Professional Magazine. Peck graduated from the New York Institute of Technology where he received his B.A. in Communication Arts/Media. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. Peck has edited three published books and has served as Copy Editor for Entrepreneur.com. The Best Markets For Residential Property Investors 2 days ago Share 2Save Home / Daily Dose / Fixed-Rates Inch Closer to 3% Mark Related Articles Freddie Mac has released the results of its latest Primary Mortgage Market Survey (PMMS), showing 30-year fixed-rate mortgages (FRM) averaging 2.81%, with an average 0.7 point, up from last week when it averaged 2.73%, reaching its highest point this week since mid-November.“Economic spending has improved, due to the most recent stimulus, but supply chain shortages are causing downstream inflation, leading to higher mortgage rates,” said Sam Khater, Freddie Mac’s Chief Economist. “While there are multiple temporary factors driving up rates, the underlying economic fundamentals point to rates remaining in the low 3% range for the year.”Also this week, the 15-year FRM averaged 2.21%, with an average 0.7 point, up from last week when it averaged 2.19%. The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.77%, with an average 0.2 point, down from last week when it averaged 2.79%.“Today’s Freddie Mac fixed rate for a 30-year loan increased, as positive retail sales numbers and the rebound in homebuilder sentiment buoyed bond investors, which drove up interest rates for home mortgages,” said realtor.com Senior Economist George Ratiu. “However, as mortgage rates are starting their slow climb, affordability will become front and center for homebuyers. This week’s decline in mortgage applications was an early signal that for many buyers, the steep rise in home prices and interest rates means they will have a much harder time trying to find a home within their budget. The housing market seems to be seeking more technological innovation to help power lower-priced new homes.” Data Provider Black Knight to Acquire Top of Mind 2 days ago February 18, 2021 944 Views in Daily Dose, Featured, Market Studies, Newscenter_img 2021-02-18 Christina Hughes Babb Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Previous: Mixed Reactions to Biden’s Foreclosure-Ban Extension Next: Housing Activity Enters 2021 ‘On Strong Footing’ The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Subscribelast_img

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