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says 30-year mortgages averaged 5.59 up from 5.29 percenr last week. The last time long-term mortgagr rates were this high was inNovember 2008. Adjustablwe rate mortgages also rose, with the average one year ARM now abov e 5 percentat 5.04 percent. “Mortgage ratews followed the increase in bond yields this says FreddieMac FRE) chief economist Franm Nothaft, who notes a better-than-expectefd unemployment report moved yields higher. “As a federal funds futures rose afterthe report, signaling that the markeg expects the Federal Reserve may raises its benchmark rate sooner rather than later.
” A reporr from the this week showed risingb mortgage rates are slowing the demandd for mortgage refinancing. Mortgage applicationx last weekfell 7.2 percent, led by a 12 percentr decline in refinancing. Refinancing existing mortgages still makes up abouf 60 percent of the mortgageunderwriting business.
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