HSH Mortgage Survey Shows Rates Up

27 Mar

Rates for two popular mortgage types nudged slightly upward in recent days to an eight-week high, but future activity continues to hinge upon actions taken by the Federal Reserve this year.

In the last week, the average rate for conforming 30-year fixed-rate mortgages rose by five basis points to 4.46%, while conforming 5/1 hybrid adjustable rate mortgages rose seven basis points to 3.18%, according to the latest weekly mortgage survey data from HSH.com.

Though not a large rate spike, the slight increase brings rates back to levels not seen since January, according to Keith Gumbinger, vice president of HSH.com.

“While not a spike like we saw last spring, the small bump in rates was sufficient to put us back to levels seen in late January,” Gumbinger said in a statement. “However, we are still at very favorable levels as we begin the traditional spring homebuying season, even if the Fed and an expected warming in the economy may conspire to nudge them higher in the weeks ahead.”

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