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Mortgage rates rise for the week of March 31, 2014

Posted by  on Apr 07, 2014
 

Economic reports indicate a slightly warmer period is ahead for the economy as well as the weather, but so far the impact on mortgage rates has been minimal.

Mortgage rates last week

According to HSH.com, last week the overall average rate for a 30-year, fixed-rate home loan rose by a single basis point (0.01 percent) to 4.49 percent, the highest level since late January. Average rates for 15-year fixed-rate mortgage loans also rose by one basis point (0.01 percent) to 3.63 percent. Rates for FHA-insured, 30-year, fixed-rate home loans rose by two basis points (0.02 percent) to an average rate of 4.16 percent. The average rate for a 5/1 Hybrid Adjustable Rate Mortgage (ARM), rose by one basis point (0.01 percent) last week to an average rate of 3.18 percent. Compare mortgage rates for your area before refinancing or applying for a purchase loan.

Economic news and mortgage rates

While predictions are still in place for rates to rise above 5 percent by the end of 2014, so far the sluggish economic reports have kept rates low enough that some homeowners may still want to consider refinancing. Last week's employment report showed a gain of 192,000 jobs in March, and unemployment held steady at 6.7 percent in spite of more people beginning to reenter the work force. While that's good news, it doesn't match the level of job gains needed to create a spike in economic activity.

The other good news is that mortgage rates are likely to stay close to last week's rates during this week and possibly drop by a few basis points, so you may want to revisit your refinance plans sooner rather than later. A mortgage calculator can help you estimate your refinancing options.

Our live database of current mortgage rates can help you find the best mortgage rates in your area.

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