Mortgage Rates Trending Upward In Madison And Huntsville Alabama

Mortgage Rates Trending Upward Madison And Huntsville Alabama

Mortgage Rates Trending Upward Madison And Huntsville Alabama and across the nation; concerned about rising mortgage rates?  Get started searching residential real estate listings in Madison County Alabama.

If you are curious about how rate changes may affect your Madison and Huntsville Alabama home buying experience or any other area then read on.

Higher rates may result in adjustments needing to be made on the amount of loan you qualify for, so be sure to discuss your individual situation with a lender, so that you are aware of the options available for your home. I think that home buyers often are so focused on the purchase price of a home that they neglect to consider what an additional half point or point rise in interest rates will do to their purchasing power.

Recent mortgage rates released in the Primary Mortgage Market Survey(R) (PMMS®) continued to come in relatively high, due to market speculation that the Federal Reserve may reduce future bond purchases in response to June's strong employment report.  We've heard it in the news and are being forewarned.

According to Frank Nothaft, current vice president and chief economist of Freddie Mac, "June's strong employment led to more market speculation that the Federal Reserve will reduce future bond purchases causing bond yields to rise and mortgage rates followed."

An average 4.51% with a .8 point was seen with the 30-year fixed-rate mortgage (FRM), an increase from the previous week's 4.29% and well above last July's 3.56%.  (One of my lenders emailed me this morning with new rates: Conventional 30 year fixed: 4.5%, 30 year fixed FHA & VA are 4.25%).

The 15-year FRM rose to 3.53% with a 0.8 point, from 3.39% and the average of 2.86% in July 2012.

Slight increases were seen on the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) as well, which averaged at 3.26% with a average 0.7 point, versus the 3.10% rate last week and 2.74% one year ago.

A bit of a surprise was that the 1-year Treasury-indexed ARM remained unchanged since last week, with an average 2.66% (average 0.5 point), which was very similar to the July 2012 rate of 2.69%.

View week to week comparisons for 2013 by visiting FreddieMac.com.

Are you ready to start your Madison County Alabama home search?  Search: Madison County Homes For Sale before the mortgage rates trending upward in Madison and Huntsville Alabama reduce your home purchase options.

If you need a knowledgeable real estate professional in Madison or Huntsville Alabama area, why don't you let me Google that for you! I also know outstanding agents in all states and Canada should you need help relocating to a new area.