Mortgage Rates Go Up to Highest Level in Seven Years

Exterior wall of an older building in Fort Lauderdale,FL
Exterior wall of an older building in Fort Lauderdale,FL

Freddie Mac released it’s Primary Mortgage Market Survey on May 17th, 2018. It shows U.S weekly average mortage rates.

Freddie Mac 5_17_2018. Primary Mortgage Market Survey
Freddie Mac. Primary Mortgage Market Survey. US weekly average mortgage rates for the last 10 years

For the week ending of  May 17th, 2018, 30-year fixed mortgage rate went up by six (6) points since the last week’s survey, and reached 4.61 percent. This matched the highest level since May 19th,2011. The 30-year fixed mortgage increased by 59 points in one year- when in May 18th, 2017 rate was 4.02%.

For the week ending of May 17th, 2018, 15-year fixed mortgage rate went up by seven (7) points since the last week’s survey, and now  it reached 4.08 percent. 15-year FRM increased by 81 points since the last year when it was 3.27 percent.

 

Freddie Mac 5_17_2018. US weekly avera mortgage rates
Freddie Mac – Primary Mortgage Survey. US weekly average mortgage rates os af 5/17/2018

When the interest rates are higher, the home-buyer has to pay more money when getting a loan.

The buyer gets a smaller house. If there is a set amount of money to be spend a month by a home-buyer, then a buyer has to spend more money for interest. There is less money left a month for an actual loan principal to pay.

Mortgage Rates Are Leveling Out

Children decorated tiles
Children decorated tiles

Freddie Mac released its’ weekly Primary Mortgage Market Survey on May 10th, 2018:

FreddieMac.5_10_2018.Primary Mortgage Market Survey. US weekly mortgage averages as of 5_10_2018
Freddie Mac – Primary Mortgage Market Survey. US weekly mortgage averages as of 5_10_2018

Freddie Mac‘s survey shows U.S weekly average mortgage rates.

The survey results as of the May 10th, 2018 shows, that 30-year fixed rate mortage did not change during the week and stayed the same as last week 4.55% . But it is 50 point higher from a year ago.

The 15-year fixed-rate mortgage went down by 2 points. It is 4.01% now, when last week was 4.03%.

FreddieMac. 5_10_2018.Primary Mortgage Market Survey.
Freddie Mac – Primary Mortgage Market Survey. Interest Rates.

If you would like to read more about mortgages and interest rates, look into category in my blog Finance and Mortgage category.

What Are Mortgage Points?

Hallway hand-rail
Handrail in the open hallway. Old building in downtown Fort Lauderdale, FL

When homebuyer gets information from a lender about the mortgage cost, it often includes loan rates and points.

A mortgage point is a fee equal to 1 percent of the loan amount. For example, when home loan is $300,000 and it has a fee of two ( 2 ) mortgage points, it is going to be $6,000 fee.

A lender can charge one (1), two (2) or more mortgage points.

Mortgage points are fees paid directly to the lender in order to get a reduced interest rate. This is also called “buying down the rate,” which can lower your monthly mortgage payments.

There are two (2) kinds of mortgage points:

  1. Discount points.
  2. Origination points.

Discount points:

These are prepaid interest on the mortgage loan. The more points home-buyer pays,  the interest rate is lower on the loan.

Origination points:

The lender charges this fee in order to cover the costs of making the loan.

Mortgage Rates Increase to Highest Level in Over Four Years

Townhouse in Fort Lauderdale, FL
Townhouse in Fort Lauderdale, FL

Freddie Mac released it’s weekly Primary Mortgage Market Survey yesterday, April 26th. It shows the U.S. weekly avarage mortgage rates going up again.

Mortgage rates increase for the third straight week to highest level in over four (4) years. The rates are highest now since the week of August 22nd, 2013. Then 30-year fixed-rate mortgage was 4.58%, and 15-year fixed-rate mortgage was 3.60%

US weekly average 30-year fixed -rate mortgage went up to 4.58% this week.

US weekly average 15-year fixed-rate mortage climbed up to 4.02%, from 3.94% last week.

Freddie Mac-Primary Mortgage Market Survey. US Weekly Averages as of 4_26_2018

30-year fixed-rate mortgage went up 11 points from the last week survey. This rate went up by 55 points since the April 27th, 2017, when it was 4.03%.

15-year fixed-rate mortgage went up 8 points in a week, and now is at 4.02%. It increased 75 points since the April 27th,2017 when it was 3.27%

Freddie Mac. Primary Mortgage Market Survey.US weekly averages as of 4_26_2018

It is going to be interesting to see, what mortgage rates are going to be next week.

 

 

Mortgages Rates Increase to Highest in 2018

A Brick Fence Around the House in Hollywood, FL
A brick fence around the house in Hollywood Lakes neighborhood in Hollywood, FL

Freddie Mac released it’s weekly U.S Primary Mortgage Market Survey yesterday, April 19th, 2018.

FreddieMac-Primary Mortgage Market Survey as of April 19th,2018
FreddieMac-Primary Mortgage Market Survey as of April 19th,2018. U.S weekly average mortgage rates as of April 19th, 2018.

According to this weekly mortgages average rates rose to highest in 2018.

The U.S weekly average 30-year fixed mortgage rate rose 5 points to 4.47%. It is the highest level since January 2014. It is largest weekly increase since this past February.

Last year the U.S weekly average mortgage rate for the week of April 20th, 2017, 30-year fixed mortgage rate was 3.97%

Freddie Mac-Primary Mortgage Market Survey. Weekly Rates as of 4_19_2018
Freddie Mac-Primary Mortgage Market Survey. Weekly Rates as of 4_19_2018

The U.S weekly average 15-year fixed mortgage rate rose 7 base points this week to 3.94%. 

Last year the U.S weekly average for the week of April 20th, 2017 for 15-year fixed mortgage rate was 3.23%.

It was really nice to see mortgage rates going down just a few  weeks ago. But now the rates a climbing up again. What will the next week bring?