During the last week of February, mortgage interest rates increased slightly, taking away from some of the minor improvements that had been seen just a few days before. According to experts in the industry this could be a result of economic data that appears relatively mixed as far as results.
Rates could generally go in any direction at this point in time based on the anticipated second revision of 4th quarter GDP reports and the consumer sentiment and Chicago PMI reports. Fixed mortgage rates have been on the rise in the last couple of weeks. In the beginning of February, the 30 year fixed mortgage rate was around 3.59% but it has been recently hovering around 3.8%.
Mortgage rates at U.S. Lenders is typically around 3.625%, according to Bank of America whose rate did not change as a result of the most recently released data. The 15 year FRM increased by 0.125% since last week and now sits at 2.875%. Leading lender, Wells-Fargo, has a 30 year FRM rate at 4.0%. Lenders are still anticipating the release of additional economic data that will be helpful in determining whether mortgage rates will go in one direction or another. Stay tuned to our blog to learn more about general news in the mortgage industry as well as what you can anticipate as a lender.
Our goal at Expert Mortgage Assistance is to give you all the most relevant and current news impacting the lending industry while also giving you access to a one-stop shop for assistance with all your mortgage needs. From origination to underwriting, we’re here to make your life easier so that you can focus on growing your business all while knowing that the regulatory compliance requirements have been met. If you want to learn more about how we can help make your company more efficient, contact us today.