56.5 F
Fort Worth
Friday, December 4, 2020
Banking Mortgage rates wander slightly higher to close out year

Mortgage rates wander slightly higher to close out year

Other News

Exxon’s oil slick

Exxon Mobil is slashing its capital spending budget for 2020 by 30% due to weak demand caused by the COVID-19 pandemic and a market...

Folk music’s Mark Twain: 7 Essential tracks from John Prine,

NEW YORK (AP) — Some people, the songs just come out of them. For nearly half a century, they tumbled out of John Prine...

Tarrant County records another COVID-19 death

Tarrant County Public Health (TCPH) on Wednesday, April 8 reported that a resident of Euless has died as the result of the COVID-19 virus....

Tradition stymied: A year unlike any since WWII for Augusta

The Masters is so intertwined with Augusta, they added an extra day to spring break.You see, the first full week of April isn't just...

Fixed mortgage rates moved slightly higher this week, closing out the year with their ninth straight increase.

After jumping 14 basis points – a basis point is 0.01 percentage point – last week, the 30-year fixed rate, the most popular mortgage product, had a more modest increase this week. According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average ticked up to 4.32 percent with an average 0.5 point. (Points are fees paid to a lender equal to 1 percent of the loan amount.) It was 4.3 percent a week ago and 4.01 percent a year ago. Since Oct. 27, the 30-year fixed rate has risen 85 basis points.

The 15-year fixed-rate average edged up to 3.55 percent with an average 0.5 point. It was 3.52 percent a week ago and 3.24 percent a year ago. The five-year adjustable rate average slipped to 3.3 percent with an average 0.5 point. It was 3.32 percent a week ago and 3.08 percent a year ago.

“As mortgage rates continue to increase, home sales and affordability will continue to be a concern for housing in 2017,” Sean Becketti, Freddie Mac chief economist, said in a statement.

Although mortgage rates have moved significantly higher the past two months, experts predict rates will moderate in the coming year. They expect them to remain below 5 percent.

Bankrate.com, which puts out a weekly mortgage rate trend index, found that the experts it surveyed were evenly split on where mortgage rates were headed in the coming week. Half said they will go down, while the other half said they will remain relatively unchanged, moving less than plus or minus two basis points.

The Mortgage Bankers Association did not release its mortgage applications data this week because of the holiday. Next week’s data will include the two previous weeks’ data.

From the Associated Press:

Long-term U.S. mortgage rates edged up this week to the highest levels in more than two years. Investors are bidding up rates under the belief that inflation and economic growth will rise with the incoming Trump administration. Long-term mortgage rates have risen nine straight weeks.

Current avg Last week 52-week high 52-week low

30-year fixed 4.32 percent 4.30 percent 4.32 percent 3.41 percent

15-year fixed 3.55 percent 3.52 percent 3.55 percent 2.72 percent

5-year adjustable 3.30 percent 3.32 percent 3.32 percent 2.68 percent


close






Oh hi there 👋 It’s nice to meet you.

Sign up to receive awesome content in your inbox.

We don’t spam! Read our privacy policy for more info.


close






Oh hi there 👋
It’s nice to meet you.

Sign up to receive awesome content in your inbox.

We don’t spam! Read our privacy policy for more info.

Latest News

Iconic Fort Worth retail/office center to be represented by Vision

Vision Commercial Real Estate will now be representing one of Fort Worth’s iconic and historic retail/office locations, the Ridglea Village retail center at 6100 & 6040...

Legendary 6666 Ranch goes on the market for $192.2M

The legendary 6666 Ranch (pronounced Four Sixes) is up for sale. Lubbock-based land brokerage and appraisal firm Chas S. Middleton and Son has listed the...

Dallas park to get $10M iconic fountain

Dallas’ Klyde Warren Park announced a $10 million gift will fund construction on a next-generation, interactive “super fountain.” The fountain is funded by a $10...

Robert Francis: Picturing City Hall

You can’t fight City Hall goes the old saying, but you can replace it. Fort Worth officials on Dec. 2 announced plans to purchase the...

Sundt Construction promotes four

Sundt Construction Inc. promoted four employee-owners in its Dallas office: Holly Horsak  to senior project manager, Amber Simonson  to project manager II, Maria Luna to...