Lexington SC Interest Rate   Leave a comment

Wednesday, June 12, 2013

Market confusion and uncertainty continue to play out in the financial markets. Yesterday stock indexes fell and the treasury and mortgage markets improved, this morning the stock indexes better and treasuries under some pressure. With increasing concerns that the Fed will begin tapering its easing’s and mixed economic outlooks based on data that hasn’t shown much growth, investors are still being “forced” into equity markets as the Fed continues to keep interest rates so low there is nowhere else to go. The bond and mortgage markets feeling the pain as rates increase, however it was inevitable rates would increase, they really could not go lower from levels seen earlier this year.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 3.81%, the highest rate since April 2012, from 3.76%, with points decreasing to 0.26 from 0.32 (including the origination fee) for 80% loans.
The average contract interest rate for 15-year fixed-rate mortgages increased to 3.32%, the highest rate since April 2012, from 3.23%, with points remaining unchanged at 0.38 (including the origination fee) for 80% loans.
The average contract interest rate for 5/1 ARMs increased to 2.78%, the highest rate since June 2012, from 2.76%, with points decreasing to 0.30 from 0.41 (including the origination fee) for 80% loans.

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