US mortgage rates perk up; 30-year fixed home loans at 3.02 per cent

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US mortgage rates perk up; 30-year fixed home loans at 3.02 per cent

US mortgage buyer Freddie Mac said in a statement late on Thursday that the US long-term mortgage rates spiralled upwards over the latest week with the benchmark long-term 30-year fixed home loans breaching a 3 per cent treadle for the first time in roughly eight months, still rates remained at a historically low level as a vigorous US housing market kept anchoring the economy alongside factory activities in context of a clattering slip in services sectors’ activities.

Apart from that, the Washington-based US mortgage buyer Freddie Mac had also added late in the day that its benchmark 30-year long term home loans, shot up to 3.02 per cent from a 2.97 per cent clocked a week earlier, while at the same time a year earlier, the benchmark rate was hovering at 3.29 per cent.

On top of that, the average rates on 15-year fixed long term mortgage loans, which has long been popular among the people seeking for refinancing, remained unchanged this week at 2.34 per cent.

Economists expect moderate rise in home-loans this year

Aside from that, a record-low mortgage rates in the United States had led to a wave of stringent pushed from prospective buyers, though a lack of supply in previously owned US houses led to a steep upsurge in house prices while brewing off a sharp rise in new single-family home sales.

Still, many potential buyers had been left empty-handed, suggested industry analysts. More importantly, followed by the release of Freddie Mac report late on the day, several economists were quoted saying that there would be a modest rise in home-loans’ rates this year, though a dovish monetary policy from the US Federal Reserve alongside its stratagem to hold benchmark borrowing cost at a near-zero level would continue to keep a lid on US home loans.