3.95: Mortgage Rates Jump Back Up

by Shilpi Paul

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After three straight weeks of record setting lows, mortgage rates jumped back up today.

This morning, Freddie Mac reported 3.95 percent with an average 0.8 point as the average on a 30-year fixed mortgage. Rates had been hovering around record lows of 3.87 percent for the past three weeks and despite increasing this week, they have now been below 4 percent for twelve consecutive weeks.

From Freddie Mac vice president and chief economist Frank Nothaft:

New data releases this week suggest the housing market is continuing to gradually improve. The Census Bureau reported new residential construction starts in January outpaced the market consensus forecast, led by condominiums and apartment buildings, and December’s figures had upward revisions. Finally, existing home sales were at the strongest pace in January since May 2010, according to the National Association of Realtors.

While rates are remain low, a recent Wall Street Journal article makes a case for why they should be even lower.

Here’s a look at the path of rates since last January:

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See other articles related to: mortgage rates, interest rates, freddie mac

This article originally published at http://dc.urbanturf.com/articles/blog/3.95_mortgage_rates_jump_back_up/5185

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