Written by Business Journal Staff
It looks like home mortgage rates are creeping up after months of dwelling at historically low levels.
The average U.S. rate on a 30-year fixed mortgage recently rose above 4 percent for the first time in five months. In Fresno, 30-year fixed mortgage rates currently vary from 3.94 percent to 4.14 percent.
The sharp increase could indicate the window to buy or refinance a home at rock-bottom levels is closing.
Mortgage buyer Freddie Mac reported on March 22 that the rate on the 30-year loan jumped to 4.08 percent, up from 3.92 percent the previous week. A month ago it fell to 3.87 percent, the lowest percentage since long-term mortgages began in the 1950s.
Experts report that mortgage rates are rising because they tend to track the yield on the 10-year Treasury note. Improvements in the economy have driven yields on long-term U.S. Treasury bonds higher in recent weeks.
The average rate on the 30-year mortgage had been at or below 4 percent since last October. Then rates gradually declined until a jump to 3.98 percent on Jan. 27.
They then held steady for several months.
URL to original article: http://www.thebusinessjournal.com/news/real-estate/1250-mortgage-rates-start-to-rise
For further information on Fresno Real Estate check: http://www.londonproperties.com
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