Average mortgage rates for the 30-year and 15-year fixed are on the rise for the first time in 2017, according to the latest report from Freddie Mac the week ending January 26, 2017.
The 30 year fixed mortgage averaged 4.16% over the week with an average 0.5 point, up from last week’s report when the average was 4.09%. It was averaging 3.79% for the same time period last year.
The average rate for the 15-year mortgage was 3.40%, higher than the previous week when it averaged 3.34%. A year ago, the average was 3.07%.
5-year adjustable-rate mortgage (ARM) average rates were at 3.20%, with an average 0.4 point, down from last week when it averaged 3.21%. A year ago, the 5-year ARM averaged 2.90%.
Fannie Mae’s chief economist, Sean Becketti said in a statement:
“The 10-year Treasury yield increased more than 10 basis points this week. The 30-year mortgage rate moved up as well to 4.19 percent, a 10 basis point jump. This week marks the first increase in the mortgage rate since December 29. The 2.8 percent decline in existing home sales in December is a reminder of the lack of homes for sale. According to the National Association of Realtors, supply is at its lowest level since 1999, a factor that should support higher house prices regardless of the oscillations of the mortgage rate.”
Here are what some of the nation’s top lenders are reporting the following rates on their websites.
Bank of America’s 30-year fixed mortgage is 4.50%, and the 15-year mortgage is 3.75%. The 10/1 ARM is 3.50% and the 5/1 ARM is 2.875%.
Wells Fargo is reporting the 30-year fixed rate is 4.50%, and the 15-year fixed is 3.75%. The 30-year refinance rate is 4.50%, and the 15-year mortgage is 3.75%.
Chase Mortgage’s 30-year fixed purchase mortgage rate is 4.25%, and the 15-year is at 3.50%. 30-year fixed mortgage refinance rates are at 4.25%, and the 15-year fixed is at 3.50%.
The rates quoted above can change at any time and are not guaranteed. If you would like a live rate quote and/or to discuss other possible mortgage options, please call me, Erik Sandstrom, at 1-800-779-4547; or email me at [email protected]
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