Mortgage Rates Jump In September

Dated: 09/17/2018

Views: 42

Mortgage Rates Jump to 6-Week High September 14, 2018

Mortgage rates for 30, 15, ARM. Full information at http://www.freddiemac.com/pmms/

© REALTOR® Magazine

A strong job market and consumer credit are driving up mortgage rates for the third consecutive week and now to their highest level in six weeks. Mortgage rates are 0.82 percent higher than a year ago—the largest year-over-year increase since May 2014, Freddie Mac reports.

Despite the higher rates, Sam Khater, Freddie Mac’s chief economist, expects buyer demand to remain high. “This spectacular stretch of solid job gains and low unemployment should help keep home buyer interest elevated,” Khater says. “However, mortgage rates will likely also move up, as the Federal Reserve considers short-term rate hikes this month and at future meetings.”

Freddie Mac reports the following national averages with mortgages rates for the week ending Sept. 13:

  • 30-year fixed-rate mortgages: averaged 4.60 percent, with an average 0.5 point, up from last week’s 4.54 percent average. Last year at this time, 30-year rates averaged 3.78 percent.

  • 15-year fixed-rate mortgages: averaged 4.06 percent, with an average 0.5 point, climbing from last week’s 3.99 percent average. A year ago, 15-year rates averaged 3.08 percent.

  • 5-year hybrid adjustable-rate mortgages: averaged 3.93 percent, with an average 0.3 point, unchanged from last week. A year ago, 5-year ARMs averaged 3.13 percent.

Source:  Freddie Mac

Latest Blog Posts

Mortgage Rates Jump In September

Mortgage Rates Jump to 6-Week High September 14, 2018© REALTOR® MagazineA strong job market and consumer credit are driving up mortgage rates for the third consecutive week and now to their

Read More

Top Three Myths About Todays Real Estate Market

Top Three Myths about Today's Real Estate Market There are many conflicting headlines when it comes to describing today’s real estate market. Some are making comparisons to the market we

Read More

Summer MustHave HVAC Maintenance Checklist

Summer Must-Have: HVAC Maintenance ChecklistIt’s a good idea to hire an HVAC company to inspect and do maintenance on your system every fall and spring. They’ll do things like inspect and

Read More

3 Bathroom Trends Homeowners Might Want To Avoid

July 17, 2018Bathroom makeovers can help enhance a property, but homeowners should be careful not to be too trendy or it may have the opposite effect. HouseLogic detailed several recent

Read More