Loan limits will likely go up to $625K in 2022, but FHFA hasn’t announced it yet. Still, higher home values have convinced some lenders to boost loan limits now.WASHINGTON –
Mortgage Rates Jump to Highest Averages Since August ☘ Hoey Team ☘ eXp Realty
Dated: October 28 2019
The 30-year fixed-rate mortgage was on the rise last week, leaping to a 12-week high. But rates are still well below year-ago levels.
“The outlook for a favorable resolution to the trade dispute between the U.S. and China is still unclear, introducing some volatility into financial markets and the benchmark 10-year Treasury yield,” says Sam Khater, Freddie Mac’s chief economist. “Mortgage rates are following suit but are near historic lows, while mortgage applications to purchase a home remain higher year over year.”
30-year fixed-rate mortgages: averaged 3.75%, with an average 0.5 point, rising from last week’s 3.69% average. Last year at this time, 30-year rates averaged 4.86%.Freddie Mac reports the following national averages with mortgage rates for the week ending Oct. 24:
- 15-year fixed-rate mortgages: averaged 3.18%, with an average 0.5 point, rising from last week’s 3.15% average. A year ago, 15-year rates averaged 4.29%.
- 5-year hybrid adjustable-rate mortgages: averaged 3.4%, with an average 0.3 point, up from last week’s 3.35% average. Last year at this time, 5-year ARMs averaged 4.14%.
Article content from NAR Realtor Magazine, Freddie Mac, and other sources. Pease let us know if you have questions on any aspect of the real estate market here in Southwest Florida or elsewhere. Barry and Kim live and work in Naples; serving Soithwest Florida, and beyond. We are here to help you or someone you know, anytime ☘
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