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3.51: Mortgage Rates Continue Heading North

  • May 16, 2013

by Shilpi Paul

3.51: Mortgage Rates Continue Heading North: Figure 1

Mortgage rates continued their trend upwards, making a jump of almost 10 basis points this week.

On Thursday morning, Freddie Mac reported 3.51 percent with an average 0.7 point as the average on a 30-year fixed-rate mortgage. Last week, rates averaged 3.42 percent; the week before, they were at 3.35 percent.

From Freddie Mac vice president and chief economist Frank Nothaft:

Households are shoring up their balance sheets. Total household debt fell by about $110 billion in the first quarter. In addition, approximately 3.0 million homeowners were seriously delinquent (90 days or more delinquent or in foreclosure) on their first mortgages, down from a peak of about 5.1 million in the fourth quarter of 2009.

The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.

Here’s a look at the path of rates since January 2010:

3.51: Mortgage Rates Continue Heading North: Figure 2

See other articles related to: mortgage rates, freddie mac

This article originally published at http://dc.urbanturf.com/articles/blog/3.51_rates_continue_heading_north/7076

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