Mortgage Rates Increased to 3.53% and Expected to Rise in Coming Months

Lowest Mortgage Rates February 2013

 DESCRIPTION

 RATE

 POINTS

 APR

 Agency Conforming 15 Yr Fixed

 2.375

  2.500

 2.873

 Agency Conforming 15 Yr Fixed

 2.5

  1.500

 2.861

 Agency Conforming 15 Yr Fixed

 2.625

  1.000

 2.918

 Agency Conforming 15 Yr Fixed

 2.75

  0.000

 2.903

 Agency Conforming 15 Yr Fixed

 2.875

 No Closing Costs

 2.875

 Agency Conforming 30 Yr Fixed

 3.125

  3.000

 3.443

 Agency Conforming 30 Yr Fixed

 3.25

  2.000

 3.493

 Agency Conforming 30 Yr Fixed

 3.375

  1.000

 3.541

 Agency Conforming 30 Yr Fixed

 3.5

 No Closing Costs

 3.5

 Agency Jumbo 15 Yr Fixed

 2.625

  2.750

 3.14

 Agency Jumbo 15 Yr Fixed

 2.75

  1.750

 3.127

 Agency Jumbo 15 Yr Fixed

 2.875

  1.000

 3.148

 Agency Jumbo 15 Yr Fixed

 3.0

  0.000

 3.132

 Agency Jumbo 15 Yr Fixed

 3.125

 No Closing Costs

 3.125

 Agency Jumbo 30 Yr Fixed

 3.375

  2.750

 3.666

 Agency Jumbo 30 Yr Fixed

 3.5

  2.000

 3.734

 Agency Jumbo 30 Yr Fixed

 3.625

  1.000

 3.781

 Agency Jumbo 30 Yr Fixed

 3.75

  0.000

 3.827

 Agency Jumbo 30 Yr Fixed

 3.875

 No Closing Costs

 3.875

Since the start of 2013, U.S. mortgage rates have been rising. Conforming mortgage rates increased more during January, than any other month since February 2011, based on Freddie Mac’s weekly Primary Mortgage Market Survey (PMMS),

In addition, a 30-year fixed rate mortgage rate is at its peak since September 2012.Lowest Mortgage Rates February 2013

Mortgage Rates Increased to 3.53%

Mortgage rates are constantly changing. This week, the average U.S. 30-year fixed rate mortgage rate increased by 0.11 percentage points to 3.53 percent. This rate is accessible to “prime borrowers” that will pay 0.7 discount points plus closing costs. A discount point is paid at closing and is a one-time, upfront fee. 1 discount is equivalent to 1% of your loan amount.

The “prime borrower” is someone that has a FICO score of 740 or better, verifiable income, and a 20% down payment or equity ownership.

The 11 basis point jump this week highlights the greatest one-week mortgage rate increase in more than 3 quarters. Also, the benchmark rate is currently at its peak since the last 4 months.

15-year fixed rate mortgage rates also rose on average 0.10 percentage points to 2.81% nationwide.

While the economy is improving, mortgage rates are not. This means that the lowest rates may never be available again.

Mortgage Rates to 4% in Near Future?

The market this year is different than previous years. The U.S. economy and Eurozone are demonstrating strength. In addition, the Federal Reserve may be slowing down its market support. These factors are causing the mortgage rate to reverse.

The Mortgage Bankers Association expects 4.4% mortgage rates by the end of 2013.

If you are floating a mortgage, now may be the time to locking one in before rates increase in coming months.

Don’t wait to take advantage of current rates. Let us help you today.

Lowest Mortgage Rates February 2013