Freddie Mac published their Weekly Primary Mortgage Market Survey this morning, and they found that mortgage rates were essentially unchanged from the week prior.
The average rate on a 30-year fixed rate mortgage went from 4.87 percent to 4.88 percent. 15-year fixed rates remained the same at 4.15%. 5/1 adjustable rate mortgages increased one basis point to 3.73%, and 1 year ARMs dropped 2 basis points to 3.21%.
Continued concerns about unrest in the Middle East and rising oil prices have caused considerable day-to-day volatility in the stock and bond markets, yet the net changes are relatively minimal. There has been much discussion recently about the possible early end of the Fed’s QE2 program, which could cause the yields on bonds to rise if it comes to pass.
It is almost assured that we will see bond yields and mortgage rates increase at some point in the future, as they are extremely low on a historical scale, but guessing when that will happen is a fool’s errand. For now it is best to enjoy what are still very low mortgage rates and take advantage while we can.
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