Mortgage rates rise for the week of March 10, 2014

Posted by  on Mar 17, 2014

While mortgage rates ended last week a little higher than the previous week, they actually dropped from the beginning of the week by Friday. Mortgage rates are likely to dip again a little this week based in part on last week's stock market tumble which drove investors to the bond market. Each time investors race to Treasury bills, the resulting drop in yields pushes mortgage rates lower.

Mortgage rates last week

According to HSH.com, last week the overall average rate for a 30-year fixed-rate home loan rose by five basis points (0.05 percent) to 4.44 percent. Average rates for 15-year fixed-rate mortgage loans rose by four basis points (0.04 percent) to 3.55 percent. Rates for FHA-insured, 30-year fixed-rate home loans rose by six basis points (0.06 percent) to an average rate of 4.07 percent. The average rate for a 5/1 Hybrid Adjustable Rate Mortgage (ARM), also rose by six basis points (0.06 percent) last week to an average rate of 3.09 percent. Compare mortgage rates for your area before refinancing or applying for a purchase loan.

Mortgage rate predictions and refinancing

The mixed bag of economic news keeps pushing mortgage rates up and down, but by such tiny increments that the difference may have very little impact on your monthly payments. Before mortgage rates rise closer to 5 percent, as they're predicted to do by the end of 2014, you may want to use a mortgage calculator to estimate your refinancing options.

Last week, political concern about the Ukraine and economic concern about the slowdown in China combined to roil investors. This week, a wide range of data will be released, including reports on both existing home sales and new housing permits that could move rates a little in either direction.

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