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3.98: Mortgage Rates Up For Sixth Week in Row

by Shilpi Paul

3.98: Mortgage Rates Up For Sixth Week in Row: Figure 1

For more than a month now, mortgage rates have been steadily climbing higher.

On Thursday morning, Freddie Mac reported 3.98 percent with an average 0.7 point as the average on a 30-year fixed-rate mortgage.

Rates have been moving steadily upwards for the past six weeks. Last weeks, rates averaged 3.91 percent; the week before, they were at 3.81 percent.

From Freddie Mac vice president and chief economist Frank Nothaft:

With the ongoing run up in fixed mortgage rates, adjustable-rate mortgages (ARMs) are becoming more popular among homeowners looking to refinance and for home purchasers. The 30-year fixed mortgage rate this week is 0.6 percentage points above the recent low set over the week ending May 2nd. In comparison, the share of conventional mortgage applications for ARMs rose from 13 percent of dollar volume at the beginning of May to 17 percent last week, according to the Mortgage Bankers Association.

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:

3.98: Mortgage Rates Up For Sixth Week in Row: Figure 2

This article originally published at https://dc.urbanturf.com/articles/blog/3.98_mortgage_rates_up_for_sixth_week_in_row/7198

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