Rates have risen across the board, with the 30- and 15-year fixed rates roughly where they were two weeks ago. This is unfortunate for first time home buyers or those looking to refinance, but a good indicator for the U.S. economy and the fortune-telling future of line graphs. But because rates have risen, mortgage rate wolf has disappeared. Will he return? No one knows, but we’ll discuss the raw numbers from Freddie Mac anyways.
I’ve got good news, and I’ve got bad news. The good news is that after mortgage rates jumped a bit higher last week from their near-historic lows, they’ve somehow dipped even lower, making rates more affordable and convenient. The bad news is that after weeks of rates being incredibly cheap and more weeks telling you to secure a mortgage while they’re this affordable, I’ve run out of creative ways to do it. Metaphors and colorful language escape me; all I see is a mortgage opportunity that everyone should take advantage of. How do I reach the people?! I’m not sure. MAYBE TYPING IN ALL CAPS WILL GET THE MESSAGE ACROSS. MORTGAGE RATES ARE SUPER LOW, AND THE HOUSING MARKET IS IMPROVING DRAMATICALLY. DON’T BELIEVE ME? ALL CAPS ISN’T DRAWING YOUR ATTENTION? READ THESE RAW NUMBERS IN ITALICS!
30-year fixed-rate mortgages averaged 3.54 percent with an average 0.8 for the week; last week it was at 3.57 percent. Last year at this time the rate averaged 3.98 percent.
15-year fixed-rate mortgages averaged 2.74 percent with an average 0.7 point, down from last week when it averaged 2.76 percent. Last year at this time the rate averaged 3.21 percent.
5-year Treasury-indexed adjustable-rate mortgage averaged 2.65 percent this week with an average 0.5 point, down from last week when it averaged 2.68 percent. Last year at this time the rate averaged 2.86 percent.
1-year Treasury-indexed adjustable-rate mortgages averaged 2.63 percent this week with an average 0.4 point, up from last week when it averaged 2.62 percent. Last year at this time the rate averaged 2.78 percent.
If italics and all caps can’t reach the people, I’m hard pressed to figure out what will. I mean font changes are the most direct way to connect with people, right? Oh wait, no, that’s children. You’re a sophisticated, weekly reader of the PMMS report. What you want are cold, hard facts, like a proper quote from VP and Chief Economist of Freddie Mac, Frank Nothaft. You know, with fancy quotation marks around it.
“Fixed mortgage rates dipped slightly while the manufacturing industry showed signs of slowing. Regionally, both the Chicago and Milwaukee purchasing manager reports for March fell below the market consensus forecast. On a national scale, both the ISM manufacturing and non-manufacturing indexes also showed reductions in growth.”