Freddie Mac, the Mortgage Brokers Association (MBA) and HSH Market Trends reported rising mortgage interest rates last week.
In their survey on April 28th, Freddie Mac reported that 30-year fixed-rate mortgages rose to 3.66% from 3.59% the previous week. They also noted that last year at this time the 30-year rate was at 3.68%.
Additional information from Freddie Mac can be found by going to: Primary
Mortgage Market Survey PMMS - Freddie Mac
The MBA reported on April 27th (for the week ending April 22nd) that 30-year rates with conforming loan balances ($417,000 or less) increased, from 3.83% to 3.85%. The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances
(greater than $417,000) moved upward from 3.77% to 3.78% while rates for FHA backed mortgages also rose, moving from 3.64% to 3.66%.
Mortgage applications declined by 4.1% from the previous period. Refinance applications as a percentage of all applications fell from 55.4% to 54.4%. The FHA share of applications increased to 12.3% from 10.6% and the VA share fell from 12.6% to 12.2%.
Additional information from the Mortgage Bankers Association can be found by going to their site at: Research
and Forecasts - Mortgage Bankers Association
On April 29th, HSH.com Market Trends reported that 30-year mortgage rates rose from 3.68% to 3.76% and rates for FHA-backed mortgages also moved upward, to 3.56% from 3.52%.
Additional information from HSH can be found by going to:
For all your Residential and Commercial Real Estate Appraisal needs please contact:
James M. Hanson Associates, Inc.
Phone: (609) 884-9185
Community Resource Links
Cape May Chamber of Commerce
Cape May County Chamber of Commerce
Avalon Chamber of Commerce
Atlantic City Chamber of Commerce