Mortgage Rates Jump to 4-Year High
Freddie Mac article by Daily Real Estate News | April 20, 2018
After mostly stagnant activity levels in recent weeks, mortgage rates are back on the move. The 30-year fixed-rate mortgage rose to its highest level since January 2014 this week, also seeing its largest weekly increase since February of this year, Freddie Mac reports.
Average mortgage rates were higher across the board too, posting weekly increases to not only the 30-year fixed-rate mortgage but also to 15-year and 5-year hybrid adjustable-rate mortgages.
Freddie Mac reports the following national averages in mortgage rates for the week ending April 19:
- 30-year fixed-rate mortgages: averaged 4.47 percent, with an average 0.5 point, rising from last week’s 4.42 percent average. Last year at this time, 30-year rates averaged 3.97 percent.
- 15-year fixed-rate mortgages: averaged 3.94 percent, with an average 0.4 point, rising from last week’s 3.87 percent average. A year ago, 15-year rates averaged 3.23 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 3.67 percent, with an average 0.3 point, increasing from last week’s 3.61 percent average. A year ago, 5-year ARMs averaged 3.10 percent.
Source: Freddie Mac; REALTOR® Magazine Online, Daily Real Estate News 042018
Another Week of Mostly Flat Mortgage Rates
Freddie Mac article by Daily Real Estate News | April 13, 2018
Borrowing costs haven’t budged much in recent weeks, offering some relief from the weekly rate increases that had almost become routine at the start of 2018.
“Mortgage rates have been holding steady over the past two months,” says Len Kiefer, Freddie Mac’s deputy chief economist. “Rates have bounced around 4.4 percent since mid-February. Rates could break out and head higher if inflation continues to firm. … If inflation continues to trend higher, we may see two or three more rate hikes from the Fed this year, and mortgage rates could follow. For now, mortgage rates are still quite low by historical standards, helping to support homebuyer affordability as the spring home buying season ramps up.”
Freddie Mac reports the following national averages with mortgage rates for the week ending April 12:
30-year fixed-rate mortgages averaged 4.42 percent, with an average 0.4 point, up from last week’s 4.40 percent average. Last year at this time, 30-year rates averaged 4.08 percent.
15-year fixed-rate mortgages averaged 3.87 percent, with an average 0.4 point, holding the same average as last week. A year ago, 15-year rates averaged 3.34 percent.
5-year hybrid adjustable-rate mortgages averaged 3.61 percent, with an average 0.3 point, dropping from last week’s 3.62 percent average. A year ago, 5-year ARMs averaged 3.18 percent.
Source: Freddie Mac; REALTOR® Magazine Online, Daily Real Estate News 041318
U.S. News Reveals Best Places to Live List
U.S. News & World Report
article by Daily Real Estate News | April 11, 2018
Austin, Texas, ranked number one for the second year in a row as the top place to live in the United States, according to new rankings released by U.S. News & World Report. The magazine ranks the 125 largest metros based on affordability, employment prospects, and quality of life each year.
“When deciding on a place to settle down, it’s important to understand that where a person lives can impact their well-being,” says Kim Castro, executive editor at U.S. News. “The top-ranked places are areas where citizens can feel the most fulfilled socially, physically, and financially.”
The top 12 best places to live in 2018 are:
- Austin, Texas
- Colorado Springs, Colorado
- Denver, Colorado
- Des Moines, Iowa
- Fayetteville, Arkansas
- Portland, Oregon
- Huntsville, Alabama
- Washington, D.C.
- Minneapolis, Minnesota
- Seattle, Washington
- Nashville, Tennessee
- Grand Rapids, Michigan
Source: U.S. News & World Report; REALTOR® Magazine Online, Daily Real Estate News 041118