Short Term Rates Increase Strongly
The Freddie Mac Weekly Survey shows a decline in all mortgage rates except the short term rate.
The 15-year FRM this week averaged 6.12 percent with an average 0.5 point, down from last week when it averaged 6.18 percent. A year ago, the 15-year FRM averaged 6.14 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.35 percent this week, with an average 0.6 point, up slightly from last week when it averaged 6.34 percent. A year ago, the 5-year ARM averaged 6.11 percent.
One-year Treasury-indexed ARMs averaged 5.84 percent this week with an average 0.8 point, up from last week when it averaged 5.60 percent. At this time last year, the 1-year ARM averaged 5.59 percent.
The 15-year FRM this week averaged 6.12 percent with an average 0.5 point, down from last week when it averaged 6.18 percent. A year ago, the 15-year FRM averaged 6.14 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.35 percent this week, with an average 0.6 point, up slightly from last week when it averaged 6.34 percent. A year ago, the 5-year ARM averaged 6.11 percent.
One-year Treasury-indexed ARMs averaged 5.84 percent this week with an average 0.8 point, up from last week when it averaged 5.60 percent. At this time last year, the 1-year ARM averaged 5.59 percent.
Freddie Mac
The short rate is up almost 24 basis points this week. We understand that the Arms will begin to reset in October. This is the next shoe that many have been fearful of. The ARM mortgages will reset and are certain to increase monthly costs to home owners. The big unknown - how many more will we see in the listings.....
On a more positive note: According to the Mortgage Bankers Association - "Commercial and multifamily mortgage bankers' loan originations were once again strong in the second quarter, according to the Mortgage Bankers Association's (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. Up from the first quarter, second quarter originations were 40 percent higher than compared to the same period last year. The increase was seen across most property types and investor groups."
Howard Bell for yourpropertypath.com
On a more positive note: According to the Mortgage Bankers Association - "Commercial and multifamily mortgage bankers' loan originations were once again strong in the second quarter, according to the Mortgage Bankers Association's (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. Up from the first quarter, second quarter originations were 40 percent higher than compared to the same period last year. The increase was seen across most property types and investor groups."
Howard Bell for yourpropertypath.com
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