Spring Mortgage Rates on the Rise

Spring Mortgage Rates on the Rise

Spring is in the air and the economy is rising to the occasion with the 30-year fixed mortgage rate increased by nearly 4.08%.  In fact, this particular mortgage has experienced gains two consecutive weeks in a row.  Meanwhile, the 15-year fixed-rate mortgage has also increased by four points and the 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.80%, which is a spike from its respectable 3.66%.  Of course, these rates do not incorporate the usual mortgage loan fees.  Bond yields are beginning to plateau and investors are returning to good, old-fashioned stocks.

Americans are not responding well to these rates and mortgage applications have decreased by five percent just in the last week alone. However, the 30-year fixed remains half a point lower than it was at this time last year.

While mortgage rates certainly have an effect on the housing market, sellers are enthusiastically moving forward and the next few weeks will determine their success as well as lay the foundation for what the housing market will yield in 2019. Stay tuned!

Related: “5 Tips for New Investors”

Related: “3 Advantages for Spring Sellers”

For more information, contact The Aitken Home Team today!

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Phil Aitken, Owner/Broker
Phil Aitken is the Owner/Broker with Your Home Sold Guaranteed Realty - Phil Aitken Home Team and has over 13 years of Real Estate experience. Phil’s faith and desire for his family’s continued security fuel his business growth and leadership. The Phil Aitken Home Team continues to profoundly impact the people of Jacksonville via supporting several faith-based organizations. Phil gives back a portion of every real estate transaction to The Tim Tebow Foundation and Rethreaded. Find Phil's full story here.