For the 3rd week in a row mortgage rates increased.
As the economy shows signs of growth the bond yields become less attractive to investors and as the bond yields have risen the mortgage rates have followed.
Just last week mortgage rates hit a 3 month high and the mortgage rates continued on the upward trend.
|December 2, 2010||30-Yr FRM||15-Yr FRM||5/1-Yr ARM||1-Yr ARM|
|Average Rates||4.46 %||3.81 %||3.49 %||3.25 %|
|Fees & Points||0.8||0.7||0.6||0.6|
Last week rates were as follows:
- 30 Year – 4.4%
- 15 year – 3.77%
- 5/1 – 3.45%
Does this mean Mortgage Rates will continue to move up?
As long as these trends continue the rates will continue to rise. As the economy gets stronger there is no where for the rates to go but up.
Experts have been predicting the floor of the mortgage rates for quite some time and we could have finally seen it pass.
Check back often as we update the rates and mortgage information.