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The average rate for a conforming 30-year mortgage ticked down from 4.37 to 4.32 percent over the past week and remains 26 basis points below the 34-month high rate of 4.58 percent recorded this past August. That being said, the rate on the 10-year treasury increased around 10 basis points following the Fed’s announcement of another round of stimulus cuts yesterday, a move which is likely to drive mortgage rates up this week.
Having averaged 6.71 percent since 1990, the average rate for a 30-year fixed mortgage was 3.54 percent at this time last year while the all-time low of 3.31 percent was recorded in November of 2012.
In terms of the rate for Jumbo loans, Wells Fargo is currently advertising a rate of 4.250 percent for mortgages over $625,500, a discount of 0.375 percentage points as compared to the 4.625 percent rate they’re advertising for both regular conforming and super conforming loans over $417,000 in high cost areas like San Francisco.

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