It's safe to say that the sideways trend has been broken. Yesterday's announcement from the European Central Bank indicated that the financial markets may be making a change, specifically tightening up on thier "allowance" and making lending guidelines more stringent. Reports today from Fed speakers didn't help matters, as the possibility of a rate hike on our side becomes more likely thanks to Europe. This news didn't go over well in the US, and in response, mortgage rates have been climbing sharply as a result. Most lenders are quoting 30 year conventional fixed rate loans at 3.5% to 3.75% on average, or in the alternative, raising their closing costs to cover the rate sheet change. This is the biggest threat we've seen to the historically low rates in the last couple of months. Below you will find mortgage interest rate changes over yesterday's numbers. Check back next week for more mortgage news and rate updates.
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• 30 year (FRM) rates at 3.46% (+0.06%).
• 15 year (FRM) rates at 2.80% (+0.05%).
• FHA 30 year Fixed rates at 3.25% (+0.05%).
• Jumbo 30 year Fixed rates at 3.60% (+0.08%).
• 5/1 ARM rates at 2.90% (+0.05%).
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