Mortgage Rates Go Up Again But Remain Below 4 Percent

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The average rate on a 30-year fixed-rate mortgage loan was 3.98% during the week ending October 30th 2014. It went up from 3.92% during the previous week. This was revealed in the most recent Primary Mortgage Market Survey compiled by Freddie Mac. Despite the rebound, the average rate on this type of home loan remained below the level which it had reached during the same week one year ago. Back then, it was 4.10%.

The average rate on a 15-year fixed-rate mortgage loan was 3.13% in the week ended October 30th. It rose from a level of 3.08% during the previous week. During the same week a year ago, it stood at 3.20%.

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The average rate on a 5-year adjustable-rate mortgage was 2.94% during the week. It rose from its previous week’s level of 2.91%. At the same time one year ago, it was at a level of 2.96%.
The 1-year adjustable rate mortgage had an average rate of 2.43% during the week. The average rate marked an increase from 2.41% during the week before. It remained below its level from one year ago. Back then, the average rate on this type of home loan was 2.51%.

The vice president and chief economist of Freddie Mac, Frank Nothaft, commented that mortgage rates increased across the board during the week picking up from the yearly lows which they had reached previously. He noted that according to the U.S. Census Bureau, the sales of new homes grew at a yearly rate of 467,000 sales in September. This was the highest rate observed so far during the recovery of the housing market. Furthermore, during August, the National S&P Case-Shiller Price Index, which measures the movement of housing prices in the U.S., increased at an annual rate of 0.4% on a seasonally adjusted basis.

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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