Fixed-rate mortgages were on the rise this week, but the 30-year fixed-rate remains well below 4 percent.
“Treasury yields marched higher this week. As a result, the 30-year mortgage rate jumped 7 basis points to 3.66 percent,” says Sean Becketti, Freddie Mac’s chief economist. “The Federal Reserve’s decision to leave the Federal funds rate unchanged triggered a 9 basis point drop in the 10-year Treasury yield on Wednesday, however the drop occurred too late to impact this week’s survey.”
Freddie Mac reports the following national averages with mortgage rates for the week ending April 28:
- 30-year fixed-rate mortgages: averaged 3.66 percent, with an average 0.6 point, rising from last week’s 3.59 percent average. Last year at this time, 30-year rates averaged 3.68 percent.
- 15-year fixed-rate mortgages: averaged 2.89 percent, with an average 0.6 point, increasing from last week’s 2.85 percent average. A year ago, 15-year rates averaged 2.94 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 2.86 percent, with an average 0.5 point, up from last week’s 2.81 percent average. A year ago, 5-year ARMs averaged 2.85 percent.
Source: Freddie Mac
There is definitely no reason to panic. Interest rates are looking good and now is a great time to buy to take advantage of the rates.
For help finding your dream home, call Greg Peterson (970) 331-1333.