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says 30-year mortgages averaged 5.59 up from 5.29 percent last The last time long-term mortgage rates were this high was inNovember 2008. Adjustable rate mortgages also rose, with the averagwe one year ARM now above 5 percentat 5.04 “Mortgage rates followed the increase in bond yieldds this week,” says Freddie Mac FRE) chief economist Frank who notes a better-than-expected unemployment report moved yields higher. “Aas a result, federal funds futures rose afterthe report, signaling that the market expectsd the Federal Reserve may raise its benchmark rate sooner rathere than later.
” A report from the this week showed rising mortgage rates are slowing the demansd for mortgage refinancing. Mortgage applicationes last weekfell 7.2 percent, led by a 12 percenyt decline in refinancing. Refinancing existing mortgages still makes up about 60 percentt of the mortgageunderwriting
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