Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage.
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Mortgage buyer Freddie Mac says the average 30-year fixed-rate mortgage increased to 3.64 percent from 3.58 percent last week. The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.87 percent this week, higher than the 2.80 percent average from the previous week.
10 year fixed rate loans have been listed at 2.875% today carrying an April of 3.080%.
The best 30 year fixed rate loan interest rates are on the books at 3.750% at Commerce Bank yielding an April of 3.851%. One point equals 1 per cent of the loan amount.
“U.S. Treasury yields moved up in response to the Fed minutes release, which kept alive the possibility of a summer rate hike”, says Sean Becketti, chief economist for Freddie Mac, in a statement.
According to Freddie Mac, the 15-year FRM averaged 2.89 percent with an average 0.5 point, up from last week when it averaged 2.81 percent. The best 20 year fixed rate mortgage interest rates start at 3.625% with an April of 3.765%.
Despite the weekly jump, May saw the lowest monthly average in almost three years, Freddie noted in a statement.
15-year FRM this week averaged 2.89 percent with an average 0.5 point, up from last week when it averaged 2.81 percent. In its latest Multi-Indicator Market Index (MiMi) report, Freddie Mac stated that the national MiMi value was 83.8, with a one percent improvement from February to March, a first quarter improvement of 1.56 percent and a year-over-year improvement of 7.23 percent.
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“Participants agreed that their ongoing assessments of the data and other incoming information, as well as the implications for the outlook, would determine the timing and pace of future adjustments to the stance of monetary policy”, the minutes from the FOMC meeting said. It was 2.8 percent a week ago and 2.9 percent a year ago.
