Mortgage giant Freddie Mac said Thursday the average rate on a 30-year fixed-rate mortgage edged up to 4.02 percent this week from 4 percent a week earlier. The rate on 15-year fixed-rate mortgages slipped to 3.21 percent from 3.23 percent.
Mortgage rates have increased in recent weeks, in the midst of the spring home buying season, as the economy has shown signs of improvement.
Government data issued Tuesday showed that purchases of new U.S. homes surged in the Northeast and West last month, as steady job growth over the past year has lifted the housing market. Sales of new homes have soared 24 percent year-to-date and are on pace for their best year since 2007. They’ve been bolstered by the additional incomes from employers hiring 3.1 million workers in the past 12 months and mortgage rates that remain low by historical standards despite their recent increase.
A year ago, the average 30-year rate was 4.14 percent; the 15-year was slightly above its current level, at 3.22 percent.
To calculate average mortgage rates, Freddie Mac surveys lenders across the country at the beginning of each week. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.
The average fee for a 30-year mortgage was unchanged from last week at 0.7 point. The fee for a 15-year loan rose to 0.6 point from 0.5 point.
The average rate on five-year adjustable-rate mortgages fell to 2.98 percent from 3 percent; the fee remained at 0.4 point. The average rate on one-year ARMs declined to 2.50 percent from 2.53 percent; the fee rose to 0.3 point from 0.2 point.
REDUCED 100K TO $849,500
The Saddlebrook Resort is known as Tampa Bay’s premier Golf, Tennis and Spa Destination Resort, and has a stunning home waiting for a new Family! Enjoy a life of luxury in this exquisite atrium home situated on a cul-de-sac and golf course. Open the door to tropical atriums and walk between them to a huge great room with a gas fireplace to enjoy. Any Chef would love to cook in the state of the art kitchen with subzero refrigerator, thermidore range and double wine cooler. Entertaining is a breeze in the indoor/outdoor Florida room with full kitchen, Viking grill and bar. After a long day, retire to the master bedroom retreat, with a sitting area and fireplace. Tranquility awaits in the luxurious master bath with vessel tub and delightful walk in shower. Golf Course views abound from the bedrooms, exercise room, sitting room, office, FL room and pool, spa and lanai! Enjoy endless hours relaxing in the heated spa and pool. The home has 5 A/C units for your comfort and a 3 car garage for your toys. Incredible upgrades include gorgeous tray ceilings, carved and leaded glass doors, an in-law suite with full kitchen, Anderson French door sliders, 2 fireplaces, a lovely courtyard, garden pathways and a circular staircase. The Saddlebrook Resort is set on over 500 acres, and has two 18-hole Arnold Palmer signature golf courses, 3 pools, a fitness center, 45 tennis courts, 2 volleyball courts, a regulation basketball court, 3 on site restaurants and a European Style Spa.