Minor Change in Mortgage Rates

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The average interest rate on a 30-year fixed mortgage was 4.10% in the week ended September 4th 2014. It retained its level from the previous week. This was revealed in the Primary Mortgage Market Survey which is compiled by Freddie Mac.

The average rate on a 30-year fixed mortgage did not change during the week. However, it was 0.47% lower compared to its level one year ago. During the same week of 2013, it was 4.57%.

The average interest rate on a 15-year fixed mortgage loan was 3.24% in the week ended September 4th. It marked just a very slight drop. It was 3.25% during the previous week. One year ago it was 3.59%.

The 5-year hybrid adjustable rate mortgage had the same average interest rate as the previous week. During both weeks it was 2.97%. During the same week in 2013, the average rate on this type of home loan was 3.28%.

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The average interest rate of a 1-year hybrid adjustable rate mortgage was 2.40% during the week. It experienced a minor increase from its level of 2.39% during the previous week. One year ago, the average interest rate on this type of adjustable mortgage was 2.71%.

While mortgage rates do not mark any major increases or decreases, home prices are expected to continue their rise, but at a slower pace compared to the period from 2012 to 2013. In a report issued on September 2nd, the National Association of Realtor predicts a 3.4% increase in the median home price across the United States during the next 12 months based on RCI Survey from May to July 2014. Most states in the country are expected to have median house price increase between 3% and 5%. Florida, Texas and Hawaii are projected to have a median house price gain of over 5%.

Christian

Christian

Christian Calvin mortgage Christian is a contributing writer for Mortgage.info. He is a graduate from the University of Tennessee with a degree in Communications and a concentration in Broadcasting. Christian has served as vice-president for a privately-held company for more than 20 years. Additionally, he has also applied his writing and business knowledge to various websites with a focus on business and sports news . . . both of which are passions. Christian enjoys playing golf and spending time with his family and friends.

Contact: christian@mortgage.info
Christian

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