Mortgages moved mostly higher again this past week but as with the week before, the rise in mortgage rates and loan costs were rather moderate. Fixed mortgage rates edged up slightly this past week with long term loan rates moving modestly higher and shorter term home loans pulling back ever so slightly. Increased activity in the stock market and the prospects for an improved economy is continuing to keep, at least, mild pressure on mortgage rates.
The outlook for the US economy remains problematic. The recent Federal Reserve release regarding their last meeting seemed to prove this point as the Fed indicated no plans to stop or slow the current monetary easing programs. The biggest positive factors in the economy may just be the absence of any unfavorable political actions and lack of recent negative economic developments. Not good news, but without any tangible positive economic reports to bite into, investors are perfectly content with politics stepping aside and economic calamities remaining in the dark. This has brought greater optimism into the stock market at the expense of bonds which have traded lower leading to higher interest rates.
The most recent survey of bank mortgage rates conduct one February 8, 2013 found the average interest rate for the 30 year fixed rate mortgage increased to 3.675 percent from 3.630 percent in the previous week.
30 year fixed rate jumbo mortgages or those loans that generally exceed $417,000.00, depending on the region, increased to 3.937 percent from 3.912 percent last week. 30 year FHA mortgage rates were also bumped higher, climbing to 3.525 percent from 3.463 percent in the prior week.
15 year fixed rate home loans were not impacted by the change ion the long end of the curve. The average 15 year fixed rate mortgage retreated from the previous week’s levels, dropping to 2.846 percent from 2.880 percent in the week earlier.
After rising to 2.788 percent last week, the interest rate on the 10 year fixed rate mortgage dipped back down to 2.771 percent.
20 year mortgage rates sat right in the middle of the upward action found in long term rates and downward motion of the shorter term mortgage rates and almost did not move week over week. The average 20 year mortgage rate climbed by juts 5/1000ths of a percent to 3.595 percent from an average rate of 3.590 percent in the previous week’s survey.
To review the latest mortgage rates and loan costs form the top bank mortgage lenders in this week’s bank mortgage rate survey dated February 8, 2013 see the following mortgage rate tables: 30 year mortgage rates, 15 year mortgage rates, 20 year mortgage rates, 10 year mortgage rates, FHA mortgage rates and jumbo mortgage rates.