connie vallone

Mortgage Rates Ramp Back Up

In Buying a Home, Home Values, Houston Energy Corridor, Houston Real Estate Agent, Real Estate Investment, Selling your home on May 4, 2017 at 6:49 pm

The average 30-year, fixed mortgage rate ramped back up above 4 percent this week after wandering below 4 percent last week, according to Freddie Mac’s recently released Primary Mortgage Market Survey® (PMMS®). The 30-year, fixed mortgage rate averaged 4.03 percent.

“The 10-year Treasury yield rose about 10 basis points this week,” says Sean Becketti, chief economist at Freddie Mac. “The 30-year mortgage rate moved with Treasury yields, rising six basis points to 4.03 percent.”

Per the survey, the 15-year, fixed mortgage rate averaged 3.27 percent, while the 5-year Treasury-indexed hybrid adjustable mortgage rate averaged 3.12 percent.

Last week’s dip below 4 percent was the first time the 30-year, fixed mortgage rate averaged lower than 4 percent since the election in November, when it broke through the mark.

“Despite recent swings in mortgage rates, the housing market continues to show signs of strength—both existing- and new-home sales in March exceeded expectations, and the Case-Shiller Home Price Index posted another solid gain,” Becketti says.

Source: Freddie Mac

Reprinted with permission from RISMedia. ©2017. All rights reserved.

If you are interested in buying or selling real estate in the Energy Corridor, please contact Connie Vallone with First Market Realty at 713 249 4177  or visit www.houstonenergycorridorhomes.com  or www.vallonehomes.com .

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