Baltimore mortgage rates steady to begin February

Baltimore Mortgage Ratesby Chris Montcalmo, Sierra Pacific Mortgage

Freddie Mac on Thursday released the results of its Primary Mortgage Market Survey, showing average 30-year Baltimore mortgage rates holding steady after rising last week.

TheĀ 30-year fixed-rate mortgage (FRM) averaged 4.19 percent with an average 0.5 point for the week ending Feb. 2, 2017, unchanged from last week. A year ago at this time, the 30-year FRM averaged 3.72 percent.

The 15-year FRM this week averaged 3.41 percent with an average 0.5 point, up from last week when it averaged 3.40 percent. A year ago at this time, the 15-year FRM averaged 3.01 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.23 percent this week with an average 0.4 point, up from last week when it averaged 3.20 percent. A year ago, the 5-year ARM averaged 2.85 percent.

 

“The 10-year Treasury yield fell 5 basis points this week following a tepid advance estimate of fourth-quarter GDP and the Fed‘s decision to leave rates unchanged,” said Freddie Mac chief economist, Sean Becketti. “The 30-year mortgage rate remained flat at 4.19 percent, starting the month 47 basis points higher than this time last year. Despite the uncertainty in the market, the pending home sales index increased 1.6 percent in December, up from a decline of 2.5 percent the month prior.”

To find out more about about current Baltimore mortgage rates and programs, contact Chris Montcalmo, Mortgage Consultant with Sierra Pacific Mortgage by clicking here.

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Baltimore mortgage rates creep higher

Baltimore Mortgage Ratesby Chris Montcalmo, Sierra Pacific Mortgage

Freddie Mac on Thursday released the results of its Primary Mortgage Market Survey, showing average 30-year and 15-year fixed mortgage rates rising.

The 30-year fixed-rate mortgage (FRM) averaged 4.19 percent with an average 0.4 point for the week ending Jan. 26, 2017, up from last week when it averaged 4.09 percent. A year ago at this time, the 30-year FRM averaged 3.79 percent.

The 15-year FRM this week averaged 3.40 percent with an average 0.4 point, up from last week when it averaged 3.34 percent. A year ago at this time, the 15-year FRM averaged 3.07 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.20 percent this week with an average 0.4 point, down from last week when it averaged 3.21 percent. A year ago, the 5-year ARM averaged 2.90 percent.

“The 10-year Treasury yield increased more than 10 basis points this week,” said Sean Becketti, chief economist at Freddie Mac. “The 30-year mortgage rate moved up as well to 4.19 percent, a 10 basis point jump. This week marks the first increase in the mortgage rate since December 29.

“The 2.8 percent decline in existing home sales in December is a reminder of the lack of homes for sale,” Becketti added. “According to the National Association of Realtors, supply is at its lowest level since 1999, a factor that should support higher house prices regardless of the oscillations of the mortgage rate.”

To find out more about about current Baltimore mortgage rates and programs, contact Chris Montcalmo, Mortgage Consultant with Sierra Pacific Mortgage by clicking here.

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Baltimore mortgage rates touch new 2016 lows

Baltimore Mortgage Ratesby Chris Montcalmo

Freddie Mac on Thursday released the results of its Primary Mortgage Market Survey, showing average fixed mortgage rates in Baltimore and nationwide dropping to new 2016 lows in the wake of the Brexit vote. At 3.48 percent, the 30-year fixed-rate mortgage is only 17 basis points from its November 2012 all-time record low of 3.31 percent.

TheĀ 30-year fixed-rate mortgage (FRM) averaged 3.48 percent with an average 0.5 point for the week ending June 30, 2016, down from last week when it averaged 3.56 percent. A year ago at this time, the 30-year FRM averaged 4.08 percent.

The 15-year FRM this week averaged 2.78 percent with an average 0.4 point, down from last week when it averaged 2.83 percent. A year ago at this time, the 15-year FRM averaged 3.24 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.70 percent this week with an average 0.5 point, down from last week when it averaged 2.74 percent. A year ago, the 5-year ARM averaged 2.99.

Borrowers may still pay closing costs which are not included in the survey.

“In the wake of the Brexit vote, the yield on the 10-year U.S. Treasury bond plummeted 24 basis points,” said Freddie Mac chief economist Sean Becketti. “The 30-year mortgage rate declined as well, but not by as much, falling 8 basis points to 3.48 percent. This week’s survey rate is the lowest since May 2013 and only 17 basis points above the all-time low recorded in November 2012. This extremely low mortgage rate should support solid home sales and refinancing volume this summer.”

For more information on Baltimore mortgage rates, contact mortgage consultant Chris Montcalmo by clicking here.

Baltimore mortgage rates remain near three-year low

Baltimore Mortgage Ratesby Chris Montcalmo

Freddie Mac on Thursday released the results of its Primary Mortgage Market Survey, showing average fixed mortgage rates largely unchanged.

The 30-year fixed-rate mortgage (FRM) averaged 3.56 percent with an average 0.6 point for the week ending June 23, 2016, up from last week when it averaged 3.54 percent. A year ago at this time, the 30-year FRM averaged 4.02 percent.

The 15-year FRM this week averaged 2.83 percent with an average 0.5 point, up from last week when it averaged 2.81 percent. A year ago at this time, the 15-year FRM averaged 3.21 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.74 percent this week with an average 0.5 point, unchanged from last week. A year ago, the 5-year ARM averaged 2.98.

“Mortgage rates have been slow to adjust to the 10-year Treasury yield, which has increased 12 basis points since last week,” said Freddie Mac chief economist Sean Becketti. “This week’s survey shows the 30-year fixed rate inching up to 3.56 percent, only 2 basis points above last week’s average. The low rates continue to be good news for the housing market, as existing home sales rose 1.8 percent to a 5.53 million seasonally adjusted annual rate in the month of May — the highest level since February 2007.”

For more information on current Baltimore mortgage rates, contact mortgage consultant Chris Montcalmo by clicking here.