Weekly Mortgage Roundup
I get a pretty good mortgage summary delivered to my inbox every week from Shawn Repulles with Equitas Capital. In an effort to provide some more news from the mortgage industry, I've asked him if I can cross-post the email in MyEastBayAgent & he's agreed to let me.
So here's the first installment of the Weekly Mortgage Update:
- Mortgage rates climbed for the fourth consecutive week and are now the highest since March 30.
- The average 30-year fixed-rate mortgage jumped from 5.97 percent to 6.07 percent, the first time over 6 percent since early April.
- The average 15-year fixed mortgage rate increased as well, rising from 5.58 percent to 5.67 percent, while the average jumbo 30-year fixed rate rose to 6.22 percent from 6.13 percent last week.
- Adjustable-rate mortgages also moved higher, with the average 5/1 adjustable-rate mortgage bounding from 5.59 percent to 5.69 percent, while the average one-year ARM zipped from 4.95 percent to 5.04 percent.
- Fixed mortgage rates have climbed in recent weeks, led primarily by concerns over higher inflation.
- Bond investors have had an uneasy feeling in recent weeks, with long-term government bond yields moving higher to account for higher inflation forecasts and further Fed interest-rate hikes.
If you're looking to buy property and need to speak to a lender, Shawn has always been very helpful & offers a high level of service.
If you'd like to contact him, here's his information.
Office 415-292-0160 ext 210