Mortgage rates edged up this week as the stock market rallied and investors digested a series of mixed economic reports.
"We are definitely seeing upward pressure on rates," says Bob Moulton, president of Americana Mortgage Group in Manhasset, New York.
Some of that pressure comes from a rally in the stock market this week, when the Nasdaq hit its highest level since 2000, closing above 5,000 on March 2.
2014-2015%30-year fixedDecJanFeb3.703.803.904.00
30 year fixed rate mortgage -- 3 month trend
The benchmark 30-year fixed-rate mortgage rose to 3.93 percent from 3.9 percent last week, according to the Bankrate.com national survey of large lenders. One year ago, that rate was 4.5 percent. Four weeks ago, it was 3.9 percent. The mortgages in this week's survey had an average total of 0.26 discount and origination points. Over the past 52 weeks, the 30-year fixed has averaged 4.19 percent. This week's rate is 0.26 percentage points lower than that 52-week average.
The benchmark 15-year fixed-rate mortgage rose to 3.16 percent from 3.15 percent.
The benchmark 5/1 adjustable-rate mortgage rose to 3.28 percent from 3.22 percent.
The benchmark 30-year fixed-rate jumbo rose to 4.11 percent from 4.07 percent.
Read more: www.bankrate.com/finance/mortgages/mortgage-analysis-030515.aspx
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