USA Today reported last week that Mortgage Rates continue to rise, increasing about a full percentage point since hitting record lows about a year ago.
Mortgage buyer Freddie Mac said Thursday the average rate for the 30-year loan ticked up to 4.41% from 4.40% last week. The average for the 15-year mortgage increased to 3.47% from 3.42%.
Read the USA Today article: Average 30-year mortgage rate rises to 4.41%.
The increase in mortgage rates over the year was driven by speculation that the Federal Reserve would reduce its $85 billion-a-month bond purchases, which have helped keep long-term interest rates low. Indeed, the Fed has announced three $10 billion declines in its monthly bond purchases since December. The latest plan is to cut its monthly long-term bond purchases to $55 billion because it thinks the economy is steadily healing.
The Marimark Mortgage Newsletter will keep you informed with important events in the mortgage industry that could impact your finances.
We especially focus on ways to save money on your current and future mortgages. And, we continually share the information we share with our clients, because we believe informed consumers are the best consumers.
Real estate agents, and other professionals in the industry, will receive an ongoing wealth of information that will help them serve their clients.
