US mortgage rates climb this week; 30-year loan at 3.65%

[Omaha Steve]

Source: AP

WASHINGTON (AP) — U.S. long-term mortgage rates climbed this week in a whip-sawing market amid deepening anxiety over devastation to the economy from the coronavirus pandemic.

Home loan rates had hit all-time lows two weeks ago. Mortgage buyer Freddie Mac reported Thursday that the average rate on the benchmark 30-year loan jumped to 3.65% this week from 3.36% last week.

Freddie Mac said the short-term rise was due to mortgage lenders increasing prices to deal with booming demand for refinancing into loans at historically low rates.

The average rate on the 15-year fixed-rate mortgage rose to 3.06% from 2.77%.



FILE - This June 13, 2019, file photo shows a new home is for sale in Mechanicsville, Va. On Thursday, March 12, 2020, U.S. long-term mortgage rates were mixed this week after hitting all-time lows last week amid anxiety over risks to the economy from the deepening coronavirus crisis. (AP Photo/Steve Helber, File)


Read more: https://apnews.com/dfcebf54dbd4a4c018f36bca3dde7317

[Hoyt]

1. Bet it's going to be much tougher to qualify for a mortgage until things are clearer.

Just a few weeks ago, there was an article talking about how mortgage companies were ramping up employment.

[Hassin Bin Sober]

2. Which means you can still get a lower rate if you negotiate. Loan officers are just getting...

... a little greedy.

[keithbvadu2]

3. Fed rate goes down. Mortgage rates go up.

Fed rate goes down. Mortgage rates go up.


???

[MissMillie]

5. leave it to the banks

to take advantage....

[CountAllVotes]

7. Stagflation?

Stagnant economy with inflation.

[Alex4Martinez]

4. Rats. I was right in the middle of refinancing paperwork. Had a 2.875 for 15 years on hold.

Maybe rates will fall again.

If not, my current 4.25% fixed over 30 years isn't bad, I could start making extra payments on the principle.

[durablend]

6. Watch out for the credit card companies soon

Going to start closing accounts/lowering credit limits and repricing accounts.

[ProfessorGAC]

8. Huge Cash From Sell-Off?

Banks trying to attract big investing gains as cash, so raising mortgages, then on longer term CDs?
There should be tons of fresh cash with the enormous stock dump this week.