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Weekly Interest Rate Overview
January 12, 2016 · by Adam Ashkenas
The Markets. Rates on home loans were mixed this past week, with 30 year fixed rates below 4.0% once again. Freddie Mac announced that, for the week ending January 7, 30-year fixed rates fell to 3.97% from 4.01% the week before. The average for 15-year loans increased slightly to 3.26%. The average for five-year adjustables rose one tick to 3.09%. A year ago, 30-year fixed rates were at 3.73%, lower than today's levels. "Concerns about overseas economic developments have dominated financial markets to start the year. U.S. Treasury bond yields fell amidst a global equity selloff and flight to safety. In response, the 30-year mortgage rate dipped 4 basis points to 3.97 percent." Note: As of January 1, Freddie Mac is no longer providing survey data for 1-year adjustables. Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.
Current Indices For Adjustable Rate Mortgages
Daily Value Monthly Value
Jan 7 December
6-month Treasury Security 0.46% 0.50%
1-year Treasury Security 0.66% 0.65%
10-year Treasury Security 2.16% 2.24%
12-month LIBOR 0.981% (Dec)
12-month MTA 0.322% (Dec)
11th District Cost of Funds 0.644% (Nov)
Prime Rate 3.50% (Dec)
January 5, 2016 · by Adam Ashkenas
The Markets. Rates on home loans moved slightly higher this past week, with 30-year fixed rates over 4.0% for the first time in five months. Freddie Mac announced that, for the week ending December 31, 30-year fixed rates rose to 4.01% from 3.96% the week before. The average for 15-year loans increased slightly to 3.24%. Adjustables were mixed, with the average for one-year adjustables unchanged at 2.68% and five-year adjustables rising to 3.08%. A year ago, 30-year fixed rates were at 3.87%, a bit lower than today's levels. Attributed to Sean Becketti, chief economist, Freddie Mac — "In the final week of 2015, Treasury yields jumped, reacting in part to strong consumer confidence in December. In response, the 30-year fixed rate rose to 4.01 percent, ending a 5-month span below 4 percent. After averaging 3.9 percent in the fourth quarter of 2015, we expect the 30-year fixed rate to average 4.7 percent for the fourth quarter of 2016." Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.
Dec 30 November
12-month LIBOR 0.868% (Nov)
12-month MTA 0.285% (Nov)
11th District Cost of Funds 0.649% (Oct)
December 22, 2015 · by Adam Ashkenas
The Markets. Rates on home loans were slightly higher again in the past week going into the Fed's rate decision. Freddie Mac announced that for the week ending December 17, 30-year fixed rates rose to 3.97% from 3.95% the week before. The average for 15-year loans increased slightly to 3.22%. Adjustables were mixed, with the average for one-year adjustables increasing to 2.67% and five-year adjustables remaining at 3.03%. A year ago, 30-year fixed rates were at 3.80%, a bit lower than today's levels. Attributed to Sean Becketti, chief economist, Freddie Mac –"As was almost-universally expected, the Federal Open Market Committee (FOMC) of the Federal Reserve elected this week to raise short-term interest rates for the first time since 2006. We take the Fed at its word that monetary tightening in 2016 will be gradual, and we expect only a modest increase in longer-term rates. Rates on home loans will tick higher but remain at historically low levels in 2016. Home sales will remain strong, but refinance activity should cool somewhat." Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.
October 27, 2015 · by Adam Ashkenas
The Markets. Rates on home loans eased down in the past week. Freddie Mac announced that for the week ending October 22, 30-year fixed rates fell to 3.79% from 3.82% the week before. The average for 15-year loans decreased as well to 2.98%. Adjustables were higher, with the average for one-year adjustables rising to 2.62% and five-year adjustables up one tick to 2.89%. A year ago, 30-year fixed rates were at 3.92%, close, but still higher than today's levels. Attributed to Sean Becketti, chief economist, Freddie Mac — "Following Federal Reserve Governor Daniel Tarullo's remarks last week Treasury yields dipped. In response, 30-year fixed rates fell 3 basis points this week to 3.79 percent. The housing market continues to benefit from low rates on home loans, with housing starts for September beating expectations and the NAHB's Housing Market index registering a ten year high in October." Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.
Oct. 22 September
12-month LIBOR 0.847% (Sept)
12-month MTA 0.243% (Sept)
11th District Cost of Funds 0.639% (Aug)
Prime Rate 3.25%
September 8, 2015 · by Adam Ashkenas
The Markets. Rates on home loans were slightly higher in the past week. Freddie Mac announced that for the week ending September 3, 30-year fixed rates rose to 3.89% from 3.84% the week before. The average for 15-year loans increased to 3.09%. Adjustables were mixed, with the average for one-year adjustables unchanged at 2.62% and five-year adjustables rising to 2.93%. A year ago, 30-year fixed rates were at 4.10%, close, but still higher than today's levels. Attributed to Sean Becketti, chief economist, Freddie Mac — "Fasten your seat belts. It's going to be a bumpy night," said Bette Davis in All About Eve. That could just as well have been Janet Yellen, or a specialist at the New York Stock Exchange, or the head of the People's Bank of China on yet another week with lots of volatility on essentially no new information. The 30-year fixed rate increased, but don't read too much into that. The Fed took great pains at the Jackson Hole conference to keep all their options open and to avoid making too much — or too little — of the situation in China and the volatility in global equity markets. This Friday's employment report is the last piece of significant, solid evidence the FOMC will have to consider before their September decision. The Street appears to be calling it a coin flip. There won't be a clear direction for rates on home loans until the Fed makes its September decision, at the earliest." Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.
Updated September 4, 2015
Sept 3 July
12-month LIBOR 0.828% (July)
12-month MTA 0.198% (July)
11th District Cost of Funds 0.643% (July)
June 30, 2015 · by Adam Ashkenas
The Markets. Rates on home loans were fairly stable last week. Freddie Mac announced that for the week ending June 25, 30-year fixed rates rose to 4.02% from 4.00% the previous week. The average for 15-year loans decreased to 3.21%. Adjustables were down slightly, with the average for one-year adjustables falling to 2.50% and five-year adjustables falling slightly to 2.98%. A year ago, 30-year fixed rates were at 4.14%, close, but still higher than today's levels. Attributed to Len Kiefer, deputy chief economist, Freddie Mac — "Rates on home loans were little changed this week. Economic releases confirmed increasing strength in housing. Existing home sales increased 5.1 percent in May to an annual pace of 5.35 million units and new home sales increased 2.2 percent to an annual pace of 546,000 units. Buyers appear anxious to purchase homes before the expected increase in interest rates later this year. Given the tight inventory of homes for sale, a 5.1-month supply at the current sales pace, home prices are being bid up." Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.
June 25 May
12-month LIBOR 0.734% (May)
12-month MTA 0.168% (May)
11th District Cost of Funds 0.680% (Apr)
April 28, 2015 · by Adam Ashkenas
The Markets. Last week rates on home loans were stable during another quiet week of economic reports. The data releases will heat up this week and next. Freddie Mac announced that for the week ending April 23, 30-year fixed rates decreased slightly to 3.65% from 3.67% the week before. The average for 15-year loans was also down two ticks to 2.92%. Adjustables were also down, with the average for one-year adjustables down to 2.44% and five-year adjustables decreasing to 2.84%. A year ago, 30-year fixed rates were at 4.33%, which continues to be more than 0.50% higher than today's levels. Attributed to Len Kiefer, deputy chief economist, Freddie Mac — "Rates on home loans fell slightly to 3.65 percent this week, positive news for potential homebuyers in the market this spring. Purchase applications in 60 of the 100 markets that MiMi tracks are up from the same time last year, including 20 markets that are showing double-digit increases. Reinforcing this positive momentum, existing home sales surged 6.1 percent to a seasonally adjusted annual rate of 5.19 million units in March, the highest annual rate since September 2013. Housing inventory rose 5.3 percent to 2 million homes for sale, but unsold inventory was little changed at a 4.6 month supply." Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.
April 23 March
12-month LIBOR 0.700% (Mar)
12-month MTA 0.146% (Mar)
11th District Cost of Funds 0.700% (Feb)
April 7, 2015 · by Adam Ashkenas
The Markets. Rates on home loans were stable in the past week, as the markets awaited the employment data release at the end of the week. Freddie Mac announced that for the week ending April 2, 30-year fixed rates increased slightly to 3.70% from 3.69% the week before. The average for 15-year loans was also up one tick to 2.98%. Adjustables were also stable, with the average for one-year adjustables remaining at 2.46% and five-year adjustables down one tick to 2.92%. A year ago, 30-year fixed rates were at 4.41%, which continues to be more than 0.50% higher than today's levels. Attributed to Len Kiefer, deputy chief economist, Freddie Mac — "The average 30-year fixed-rate loan was little changed this week entering April about where we started the year. The final estimate of real GDP growth for the fourth quarter of 2014 was unchanged from the prior estimate of a 2.2 percent annualized rate. Meanwhile, the National Association of Realtors reported that pending home sales rose 3.1 percent in February, beating expectations. The pending home sales index was at the highest level since June of 2013 when 30-year fixed rates averaged 4.07 percent, 0.37 percentage points higher than this week's survey." Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.
April 2 February
12-month LIBOR 0.660% (Feb)
12-month MTA 0.136% (Feb)
March 18, 2015 · by Adam Ashkenas
The Markets. Fixed rates rose in the past week, though they started easing during the week after a big reaction to the employment report on March 6. Freddie Mac announced that for the week ending March 12, 30-year fixed rates increased to 3.86% from 3.75% the week before. The average for 15-year loans rose to 3.10%. Adjustables were also higher, with the average for one-year adjustables rising slightly to 2.46% and five-year adjustables increasing to 3.01%. A year ago, 30-year fixed rates were at 4.37%, which continues to be approximately 0.50% higher than today's levels. Attributed to Len Kiefer, deputy chief economist, Freddie Mac — "The average 30-year fixed-rate loan rose to 3.86 percent for this week following a strong labor market report, essentially bringing rates back to where they were at the start of the year. The U.S. economy created 295,000 jobs in February while the unemployment rate dipped to 5.5 percent from 5.7 percent in January, both outperforming market expectations." Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.
March 12 February
11th District Cost of Funds 0.698% (Jan)
The Markets. Fixed rates fell for the first time in nearly a month in the past week. These numbers were released one day before the jobs report came out and pushed rates higher. Freddie Mac announced that for the week ending March 5, 30-year fixed rates decreased to 3.75% from 3.80% the week before. The average for 15-year loans fell to 3.03%. Adjustables were mixed, with the average for one-year adjustables unchanged at 2.44% and five-year adjustables decreasing to 2.96%. A year ago, 30-year fixed rates were at 4.28%, which continues to be approximately 0.50% higher than today's levels. Attributed to Len Kiefer, deputy chief economist, Freddie Mac — "Rates on home loans fell across the board, with the 30-year fixed rate reading 3.75 percent this week. Real GDP growth for the fourth quarter was revised down to 2.2 percent. Consumer prices fell more than expected in January, tumbling 0.7 percent." Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.
Updated March 6, 2015
March 5 February
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