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Rates Hitting Highest Point in Nearly a Year
Jun 05, 2013

Rates on the most popular types of mortgages leapt to the highest point in more than a years' time, according to's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages jumped by nineteen basis points (0.19 percent) to 3.99 percent. Conforming 5/1 Hybrid ARM rates increased by 10 basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 2.74 percent. "Bond and mortgage markets continue to prepare themselves for an early exit by the Fed," said Keith Gumbinger, vice president of "Up until recently, expectations were that the Fed would begin to taper purchases of mortgage-backed securities (MBS) and Treasury bonds late in 2013, but that timeframe appears to have moved to September, possibly sooner." The Federal Reserve continues to purchase a total of $85 billion per month in MBS and Treasuries to help keep interest rates low and mortgage markets liquid. "Before the Fed begins to pull back, we will need to see a lot more solid economic data, especially in labor markets. The news of late suggests that the economy is holding its own, but little more, and that's with QE still fully in play. It could very well be that investors are getting ahead of themselves, given the lack of compelling evidence that the economy is ready to run without these supports," adds Gumbinger. Still, he acknowledges, without a spate of weak data, mortgage rates are less likely to decline, or decline significantly. This is discussed in greater detail in’s latest Two-Month Forecast. Average mortgage rates and points for conforming residential mortgages for the week ending June 4, according to Conforming 30-year fixed-rate mortgage Average rate:   3.99 percent Average points: 0.23 Conforming 5/1-year adjustable-rate mortgage Average rate:   2.74 percent Average points: 0.17 Average mortgage rates and points for conforming residential mortgages for the previous week ending May 28 were, according to Conforming 30-year fixed-rate mortgage Average Rate:   3.80 percent Average Points: 0.19 Conforming 5/1-year adjustable-rate mortgage Average Rate:   2.64 percent Average Points: 0.15
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