I told you so. Nobody likes hearing those four awful words. As if finding out you were wrong about something wasn’t bad enough, there’s always someone there to let you know that they correctly predicted a future event. It’s annoying. It’s irritating. It’s infuriating. While nobody likes “I told you so” person, I’ve got something to tell you: I told you so.
As much as that hurt, it had to be done. Why? Because for the last couple weeks, average fixed-mortgage rates were trending down. However, I knew that sooner rather than later, rates would climb. Surely some of you took advantage and locked in a low rate, others surely decided to wait to see if rates would continue to drop. According to the weekly Primary Mortgage Market Survey, those of you who took advantage of the low rates last week did so at the right time. This week, rates moved higher for the first time in three weeks. Here’s the word from Freddie Mac:
30-year fixed-rate mortgage (FRM) averaged 4.16% with an average 0.8 point for the week ending November 7, 2013, up from last week when it averaged 4.10%. A year ago at this time, the 30-year FRM averaged 3.40%.
15-year FRM this week averaged 3.27% with an average 0.7 point, up from last week when it averaged 3.20%. A year ago at this time, the 15-year FRM averaged 2.69%.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.96% this week with an average 0.5 point, unchanged from last week. A year ago, the 5-year ARM averaged 2.73%.
1-year Treasury-indexed ARM averaged 2.61% this week with an average 0.5 point, down from last week when it averaged 2.64%. At this time last year, the 1-year ARM averaged 2.59%.
As always, Frank Nothaft, vice president and chief economist from Freddie Mac, provided us with some valuable insight.
“Fixed mortgage rates rebounded slightly this week on more positive economic data releases. Production in the manufacturing industry expanded for the fifth month in a row in October to the strongest pace since April 2011. Similarly, the non-manufacturing sector grew for the second consecutive month in October and beat the market consensus forecast of a decline. These increases were widespread across the nation, from Chicago to Milwaukee to New York.”
While average rates increased, it’s not all bad news. Our rates actually took a tiny dip. That’s right. We’ve got low rates that you need to take advantage of now. I’m not talking about a couple hours from now. I mean right this second! Don’t make me be that annoying, irritating and infuriating person I talked about earlier once again. If you’re looking to refinance or get a new mortgage, don’t miss out on these great low rates. Call us today!