Mortgage-finance company, Freddie Mac reported earlier today, that the average rate on the 30-year fixed home loan increased to 3.8% this week. This translates to an uptick of 4 basis points compared to data from a week ago. Also, this marks the third consecutive week, that the average interest rate on the 30-year fixed mortgage has been rising, According to the mortgage-buyer’s latest weekly Primary Mortgage Market Survey (PMMS), the average rate on the 15-year FRM edged up as well, this type of loan is now coming out at 3.07%. In the prior week, this type of loan was hovering at 3.05%.
The 5-year Treasury-indexed hybrid adjustable rate mortgage grew to 2.99%, advancing from the former 2.97% that it carried a week earlier. On the other hand, the 1-year Treasury indexed ARM improved by 1 basis point to 2.44%, Freddie Mac’s survey showed.
“Mortgage rates rose for the third consecutive week in February following solid housing data. New home sales beat market expectations at an annual pace of 481,000 units, down slightly from 482,000 units in December, but up 5.3% from a year ago. Also, the S&P/Case-Shiller National House Price Index rose 4.6% over the 12-months ending in December 2014,” said Len Kiefer, the deputy chief economist of Freddie Mac.
Meanwhile, the Labor Department reported today that the Consumer Price Index fell 0.7% in January. This is a slightly higher figure than the consensus expectation (a decline of 0.6%). The Core CPI, which doesn’t include volatile food and energy prices rose 0.2% in January, according to the latest data.
On a positive note, orders for durable goods edged up in January for the first time in three months, according to the latest data from the Commerce Department. The pace of increase was 2.8% last month, a better data than what most economists forecasted.
Initial jobless claims surged by the highest amount since December 2013 last week, compared to data from a week earlier, according to the Labor Department. The number of Americans filing for unemployment benefits jumped by 31,000 to 313,000 in the week ended February 21. This is a much worse data than the consensus expectation and consequently may have an impact on mortgage interest rates.
Now, looking at current mortgage rates at some of the nation’s top lenders, at Bank of America (NYSE:BAC), the 30-year fixed home loan is quoted at a lower rate today in the form of 3.625%. On the other hand, the 15-year fixed home purchase loan has remained unchanged at 2.875%, according to our observations. With regards to current best refi rates at BofA, the 30-year FRM can be secured at a rate of 3.875%, whilst the 15-year fixed counterpart is hovering at 3.000%.
At another major lender, Wells Fargo (NYSE:WFC), interest rates have been stable for most of the week. Currently, the 30-year fixed home loan is coming out at a rate of 4.000%. Borrowers, who are interested in the 15-year FRM, will see it carrying 3.375% interest cost. In the refinance mortgage arena, Wells Fargo’s 30-year fixed mortgage schemes are starting at 3.875%. The 15-year version of this home refinance loan is available today at a rate of 3.500%.
Chase (NYSE:JPM) also updated its mortgage information for Thursday. Under the lender’s home loan portfolio, the 30-year fixed loan for home purchase is hovering at 3.750%. The shorter-term 15-year fixed home mortgage is carrying 3.125% interest cost. Switching to the lender’s refinance loans, the 30-year FRM is set at 4.250%. The loan originator’s 15-year fixed loan for home refinancing is quoted at 3.750% on Thursday.
The above mentioned interest rates are subject to change and are not guaranteed. In order to search for live mortgage rate quotes from some of the top U.S. lenders, please click on the link below. To calculate your monthly mortgage payment, feel free to use our featured mortgage calculator.