Magazine article Mortgage Banking

Loan Rate Monitor

Magazine article Mortgage Banking

Loan Rate Monitor

Article excerpt

Month in Review

Fixed mortgage rates continue to rise in December. lnforma analysts have reported an average increase of 0.375% in rate for a 30-year fixed conforming since early November. Nevertheless, adjustable-rate mortgage (ARM) rates continue to hold steady. The average annual percentage rate (APR) for a 5/1 ARM conforming has been hovering around 2.9% since early October. Data from the U.S. Census Bureau/Department of Housing and Urban Development (HUD) new-home sales report joint release for October and the ADP National Employment Report' were favorable, which pushes upward pressure on rates. However, poor data in the Manufacturing ISM Report on Business as well as Federal Reserve System Board of Governors chairman nominee Janet Yellen's hesitation to taper may stabilize movement in interest rates in the short run.

MONTHLY        31-JAN  28-FEB  29-MAR  30-APR  31-MAY  28-JUN  31-JUL
AVERAGES

15-Year Fixed   2.962   2.906   2.930   2.673   3.167   3.626   3.682
Conforming

30-Year Fixed   3.645   3.612   3.674   3.437   3.975   4.430   4.586
Conforming

30-Year Fixed   3.864   3.815   3.747   3.523   3.951   4.375   4.522
Jumbo

5/1 ARM         2.927   2.872   2. … 
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