Mortgage Rates Increasing
According to the numbers released earlier today in the Primary Mortgage Market Survey® from Freddie Mac, mortgage rates showed an increase from the previous week. The survey showed that the 30-year fixed-rate mortgage matches its level of 4.81 percent last seen on February 3rd of this year.
Freddie Mac, established in 1970 by congress with the ability to provide mortgage companies with the capital needed to meet market demands and keep lending affordable, sites recent geopolitical upheavals around the world as one reason for the recent increase.
“Mortgage rates were up this week compared to last, but still remain at relatively low levels,” said Frank Nothaft, vice president and chief economist at Freddie Mac. “The rate uptick was related to higher than anticipated inflation data for February and ongoing geopolitical concerns. The 12-month growth rate in the consumer price index rose 2.1 percent in February, compared to 1.6 percent in January; however, most of the increase was due to food and energy prices, which tend to be volatile. The core index rose 1.1 percent, slightly up from 1.0 percent in January.”
In addition to the 30 year FRM, the 15 year note was also up by 0.7 point to 4.04%. However, this number was down from 4.34% where it was this time last year.
SOURCE Freddie Mac
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