The one-two punch of strong job and consumer credit growth drove rates on mortgages up to their highest mark since Aug. 2. The common 30-year fixed-rate mortgage was at 4.6% this week, as the 15-year hit 4.06%. The 5/1 adjustable-rate mortgage was 3.93%.
Rates on mortgages increase for third consecutive week
Mortgages are presently 0.82 percent higher than a last year – the most significant year-over-year increase since May 2014. Looking ahead, annualized comparisons for mortgage applications may look weaker than they appear simply because of the large spread between rates on mortgages now and last September, which was while they reached their low for 2017.
Overall, a stretch of solid job gains and low unemployment should help keep homebuyer interest elevated.
However, rates on mortgages will in all probability also go up as the Federal Reserve considers short-term rate hikes this month and at future meetings.
Have a questions or concern? Nick, Cindy & Nicholas Davis with RE/MAX Premier Group are here to assist you.
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