Magazine article Mortgage Banking

Month in Review

Magazine article Mortgage Banking

Month in Review

Article excerpt

Mortgage rates rose sharply in early November amid growing expectations that the U.S. Federal Reserve may soon raise its key short-term interest rate. The average annual percentage rate (APR) on a 30-year fixed-rate mortgage (FRM) jumped to 4.107 percent from 3.856 percent in October. The average APR on the 15-year FRM spiked to 3.362 percent from 3.133 percent. The Federal Reserve's policymakers will meet in mid-December to consider raising the rate if the economy continues to grow at a strong enough pace to keep adding jobs and push annual inflation toward the 2 percent target.

MONTHLY AVERAGES           31-DEC   30-JAN   27-FEB   31-MAR

15-Year Fixed Conforming   3.277    3.165    3.243    3.119
30-Year Fixed Conforming   3.873    3.668    3.818    3.736
30-Year Fixed Jumbo        3.868    3.616    3.765    3.626
5/1 ARM Conforming         3.000    2.923    3.022    2.956
5/1 ARM Jumbo              2.952    2.863    2.941    2.909

MONTHLY AVERAGES           30-APR   29-MAY   30-JUN   31-JUL

15-Year Fixed Conforming   3.178    3.182    3.355    3.275
30-Year Fixed Conforming   3.850    3.859    4.128    3.999
30-Year Fixed Jumbo        3.681    3.679    3.895    3. … 
Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.