Chicago, IL (PRWEB) May 08, 2015 -- Lenders like People Home Equity adjusted their rates higher this week. As shown on MortgageNewsDaily.com’s “Daily Mortgage Rates,” the average 30-year fixed rate quote increased from 3.84% on May 1st to 3.87% on May 8th.
Other rate categories also climbed, including the rate on a 15-year fixed loan, which increased from 3.16% to 3.17%. 5/1 ARM’s also increased from 2.96% to 3%. The rate on a 3-year FHA loan increased the most, from 3.5% on May 1st to 3.75% on May 8th. The rate on a 30-year jumbo loan remained at 3.77%.
This increase in rates is a reflection of the idea that demands for loans and housing are on the rise. Prospective mortgage applicants should take notice that competition is growing for purchasing a home. Prospective home buyers should stop browsing hundreds of listings of nice properties and actually get approved for a mortgage to begin placing bids. Once a buyer is approved, they are enabled to bid on properties, boding confidence to sellers.
Peoples Home Equity wants to highlight that 30-year rates have increased during the past 3 weeks. The lender believes this trend will continue. In fact, the Federal Reserve is planning to raise interest rates as the economy continues to improve. Therefore, one should mentally prepare for a higher home price and mortgage rate environment. Too many Americans are employmed now with stable salaries, higher credit scores, and saved down payments to purchase a property. Housing and financing will not be as affordable as it is now for the next 4 months.
If you are interested in purchasing a property and are in in need of a mortgage, consider speaking to a Peoples Home Equity loan officer today at: 262-563-4026
Giorgio U Ferrero, Peoples Home Equity, http://www.peopleshomeequity.com/index.php/main, +1 8473386062, [email protected]
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