\n<\/div><\/div>\n<\/div>\n<\/div>\n

By Kerry Smith<\/div><\/div>\n

Rising rates say good things about the U.S. economy, but it\u2019s not great news for homebuyers. Still, most experts predict something a bit above 3% for most of 2021.<\/span><\/span><\/p>\n<\/div>\n

MCLEAN, Va. \u2013 In 2020, a weak economy that kept getting weaker sparked a series of record-low mortgage rates announcements in Freddie Mac\u2019s weakly survey \u2013 but the trend has reversed over the past few weeks.<\/span><\/span><\/p>\n

In this week\u2019s Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 2.97%. It\u2019s a notable increase from last week\u2019s 2.81%, which was itself a notable increase from the week before that.<\/span><\/span><\/p>\n

\u201cOptimism continues as the economy slowly regains its footing, thus affecting mortgage rates,\u201d says Sam Khater, Freddie Mac\u2019s chief economist. \u201cThough rates continue to rise, they remain near historic lows.\u201d<\/span><\/span><\/p>\n

\u201cThe poor economic outlook in 2020 brought mortgage rates to record lows,\u201d Greg McBride, chief financial analyst for Bankrate.com, said in a CNN interview. \u201cNow that the economic skies are looking brighter, mortgage rates are retracing last year\u2019s decline when they fell to previously unseen lows.\u201d<\/span><\/span><\/p>\n

One year ago, the average 30-year, fixed-rate mortgage averaged 3.45%, which is still considered excellent by historical standards. While it\u2019s possible that the days of new record-low mortgage rates has passed \u2013 though nothing is ever certain \u2013 even a half-percent increase would keep overall rates in the low range.<\/span><\/span><\/p>\n

Still, every mortgage rate increase affects homebuyers who based a home purchase on the amount they\u2019ll have to pay on the mortgage each month.<\/span><\/span><\/p>\n

\u201cWhen combined with demand-fueled rising home prices and low inventory, these rising rates limit how competitive a potential homebuyer can be, and how much house they are able to purchase,\u201d says Khater.<\/span><\/span><\/p>\n

Mortgage numbers<\/span><\/span><\/h3>\n
\n
The 30-year fixed-rate mortgage averaged 2.97% with an average 0.6 point for the week, up from last week\u2019s 2.81%. A year ago, the 30-year FRM averaged 3.45%.<\/span><\/span><\/li>\n
The 15-year fixed-rate mortgage averaged 2.34% with an average 0.6 point, up from last week\u2019s 2.21%. A year ago, the 15-year FRM averaged 2.95%.<\/span><\/span><\/li>\n
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.99% with an average 0.1 point, up from last week\u2019s 2.77%. A year ago, the 5-year ARM averaged 3.20%.<\/span><\/span><\/li>\n<\/ul>\n
\u00a9 2021 Florida Realtors\u00ae<\/span><\/span><\/p>\n<\/div><\/div>\n
Go to Source<\/a>
\nAuthor: marlam<\/p>\n","protected":false},"excerpt":{"rendered":"
By Kerry Smith Rising rates say good things about the U.S. economy, but it\u2019s not great news for homebuyers. Still, most experts predict something a bit above 3% for most of 2021. MCLEAN, Va. \u2013 In 2020, a weak economy that kept getting weaker sparked a series of record-low mortgage rates announcements in Freddie Mac\u2019s weakly survey \u2013 but the trend has reversed over the past few weeks. In this week\u2019s Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 2.97%. It\u2019s a notable increase from last week\u2019s 2.81%, which was itself a notable increase from the week before that. \u201cOptimism continues as the economy slowly regains its footing, thus affecting mortgage rates,\u201d says Sam Khater, Freddie Mac\u2019s chief economist. \u201cThough rates continue to rise, they remain near historic lows.\u201d \u201cThe poor economic outlook in 2020 brought mortgage rates to record lows,\u201d Greg McBride, chief financial analyst for Bankrate.com, said in a CNN interview. \u201cNow that the economic skies are looking brighter, mortgage rates are retracing last year\u2019s decline when they fell to previously unseen lows.\u201d One year ago, the average 30-year, fixed-rate mortgage averaged 3.45%, which is still considered excellent by historical standards. While it\u2019s possible that the days of new record-low mortgage rates has passed \u2013 though nothing is ever certain \u2013 even a half-percent increase would keep overall rates in the low range. Still, every mortgage rate increase affects homebuyers who based a home purchase on the amount they\u2019ll have to pay on the mortgage each month. \u201cWhen combined with demand-fueled rising home prices and low inventory, these rising rates limit how competitive a potential homebuyer can be, and how much house they are able to purchase,\u201d says Khater. Mortgage numbers The 30-year fixed-rate mortgage averaged 2.97% with an average 0.6 point for the week, up from last week\u2019s 2.81%. A year ago, the 30-year FRM averaged 3.45%. The 15-year fixed-rate mortgage averaged 2.34% with an average 0.6 point, up from last week\u2019s 2.21%. A year ago, the 15-year FRM averaged 2.95%. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.99% with an average 0.1 point, up from last week\u2019s 2.77%. A year ago, the 5-year ARM averaged 3.20%. \u00a9 2021 Florida Realtors\u00ae Go to Source Author: marlam<\/p>\n","protected":false},"author":4,"featured_media":4803,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts\/4802"}],"collection":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/comments?post=4802"}],"version-history":[{"count":0,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts\/4802\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/media\/4803"}],"wp:attachment":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/media?parent=4802"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/categories?post=4802"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/tags?post=4802"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}