Mortgage rates closing in on multi-year highsby Tim Manni
The rise in mortgage rates that ensued after the October employment report was released in early November has sustained into the new year.
Current mortgage rates
According to the latest data from HSH.com’s Monday-through-Friday survey:
- 30-year: The overall average rate for 30-year fixed-rate mortgages (conforming, non-conforming and jumbo) increased by four basis points (0.04 percent) to 4.64 percent. This is the highest figure since September 2013 and “slowly closing in on a multi-year high,” wrote Keith Gumbinger, vice president of HSH.com and author of the weekly Market Trends newsletter.
- 15-year: The overall average rate for 15-year fixed-rate mortgages (conforming, non-conforming and jumbo) increased by three basis points (0.03 percent) from the prior week’s value, increasing to 3.74 percent for the week ending Jan. 3.
- FHA: FHA-backed 30-year fixed-rate mortgages also moved upward by another three basis points to 4.27 percent for the week.
- 5/1 ARM: The overall 5/1 Hybrid ARM added six hundredths of a percentage point (0.06 percent) to rise to 3.27 percent.
2013: The year in rates
This week …
“Mortgage rates have been ticking higher, and probably will do so again; strength (or relative lack thereof) in the employment report will determine by how much rates will move, but we expect perhaps another five or six basis points at most,” concluded Gumbinger.
Want to read more? You can sign up to receive HSH.com’s Market Trends newsletter in your inbox by Friday night.