The Markets
- Rates on home loans continued to increase in the past week.
- For the week ending February 1, Freddie Mac announced that 30-year fixed rates increased to 4.22% from 4.15% the week before.
- The average for 15-year loans rose to 3.68% and the average for five-year adjustables climbed slightly to 3.53%.
- A year ago, 30-year fixed rates averaged 4.22%, virtually the same as today's level.
- Attributed to Len Kiefer, Deputy Chief Economist, Freddie Mac -- "The Federal Reserve did not hike rates this week, but the market views future hikes as a near certainty. The expectation of future Fed rate hikes and increased borrowing by the U.S. Treasury is putting upward pressure on interest rates. The 30-year fixed rate is up over a quarter of a percentage point (27 basis points) from the first week of the year. Rates on 30-year fixed loans have increased for four consecutive weeks and are now slightly above where they were last year at this time."
Note: Rates indicated do not include fees and points and are provided for evidence of market trends only. They should not be used for your loans. Please call 832-437-4191 for your rates.