John Skinner
The average interest rate for 30-year fixed-rate mortgages rose to 3.57%, up seven basis points since last week and the highest they have been since June. The average 15-year fixed mortgage rate is 2.87 percent, up 13 basis points since the same time last week.
The average rate on a 5/1 ARM is 3.03 percent, falling 23 basis points over the last week.
Michael Fratantoni, the Mortgage Bankers Association chief economist stated: “Globally, rates have begun to creep upwards as investors anticipate less aggressive monetary policies from central banks, and U.S. rates are being pushed upwards in response. Additionally, new data show continued positive signals regarding the job market and rising inflation, indicating that the Fed is likely to hike in December and will continue increasing rates next year.”
Sources: CNBC and Bankrate
Greg was the #1 residential Mortgage Lender in New Mexico during his 15 year personal origination career from 1985-2000. He was consistently ranked by Mortgage Originator Magazine and Loan Originator News on their annual lists of the top 20 Mortgage Originators in America. loan yantra
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