The Home Buyer's Korner

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April 3rd, 2015

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Average Mortgage Rates for Apil 2, 2015

rates

Mortgage rates moved slightly higher this week, but any near terms upticks probably won’t be in the cards and we could see a turn-down in rates next week.

With economic data coming in today like that release by the Bureau of Labor Statistics, mortgage rates are likely drop next week and it may persuade the Federal Reserve to hold off on rate increases anytime soon.

There should be little fear that the Fed is likely to raise rates in the near term, but looking further out some economist have had concerns that better-than-expected job growth and more importantly, a rebound in wage gains would put everyone on notice. Well, their concerns were answered today with disappointing jobs numbers, which came in far under expectations for February.

The slight increase in mortgage rates, this week came from demand as more home buyers and those wishing to refinance shopped for mortgages by increasing numbers for the second straight week. The volume of mortgage applications, last week rose 4.6 percent from the previous week, according to the Mortgage Bankers Association. Purchase applications were up 6 percent and refinance applications grew 4 percent. Mortgage bankers are busy and expect it to get busier with the warmer weather.

  1. The benchmark 30-year fixed-rate mortgage rose to 3.70 percent from 3.69 percent the week. One year ago, that rate was 4.41 percent. A month ago mortgage rates were at 3.80 percent. The mortgages in this week’s survey had an average total of 0.60 for discount and origination points.
  2. The benchmark 15-year fixed-rate mortgage rose to 2.98 percent from 2.97 percent. The mortgages in this week’s survey had an average total of 0.60 for discount and origination points.
  3. The benchmark 5/1 adjustable-rate mortgage remained the same at 2.92 percent and the One Year ARM also remained the same at 2.48 percent. The mortgages in this week’s survey had an average total of 0.50 and 0.40 respectively for discount and origination points.

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