Mortgage Rates Near Record Lows Despite Rise

Mortgage rates around the nation and on homes for sale in Encinitas see highest numbers since 2012, but still near record lows.    

According to Freddie Mac’s most recent survey, fixed-rate mortgages have reached their highest levels in about a year. Additionally, rates have continued a 3-week climb that has seen  30-year fixed mortgages increase from 3.59% to 3.81%.

15-year fixed rate mortgages also continued their steady upward momentum rising from 2.77% last week to 2.98%. 5-year hybrid adjustable loans also saw an increase over the last week from 2.63% to 2.66% for a 5-year ARM.

These rates are still near the record lows that they achieved as recently as last month. 30-year fixed rates were still only one-half of a percentage point up from its record low in November 2012 of 3.31%; 15-year fixed mortgages are less than one-half of a percent above their historic low of 2.56% achieved in April 2012.

Analysts believe that rates are likely to decrease slightly due to positive bond market activity seen on Thursday, with both the Nasdaq and Dow seeing increases of 22 points and 78 points respectively.

For the near-future it seems that experts are split on whether or not rates will continue to trend upward or downward, but either way mortgage rates seem to be fixed near their record lows.

Mortgage rates on homes for sale in sale in Encinitas are no different, with rates on 30-year fixed mortgages averaging right around national numbers, according to Zillow.

By Linda Moore

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