May 13

Mortgage Rates Continue to Climb

As mortgage rates rise, levels below 4% for the most popular 30-year fixed-rate mortgage are likely to remain in the rearview mirror. The 30-year fixed-rate mortgage averaged 4.16% this week, Freddie Mac reports.

“The 30-year fixed-rate mortgage exceeded 4% for the first time since May of 2019,” says Sam Khater, Freddie Mac’s chief economist. “The Federal Reserve raising short-term rates and signaling further increases means mortgage rates should continue to rise over the course of the year. While home purchase demand has moderated, it remains competitive due to low existing inventory, suggesting high house price pressures will continue during the spring homebuying season.”

Higher mortgage rates are likely to affect many aspiring home buyers, especially first-timers, says Nadia Evangelou, NAR’s senior economist and director of forecasting, on the association’s blog. Since the beginning of this year, nearly 6.3 million households have been priced out of the housing market, 2 million of whom are millennials.

Freddie Mac reports the following national averages with mortgage rates for the week ending March 17:

  • 30-year fixed-rate mortgages: averaged 4.16%, with an average 0.8 point, up from last week’s 3.85% average. Last year at this time, 30-year rates averaged 3.09%.
  • 15-year fixed-rate mortgages: averaged 3.39%, with an average 0.8 point, increasing from last week’s 3.09% average. A year ago, 15-year rates averaged 2.40%.
  • 5-year hybrid adjustable-rate mortgages: averaged 3.19%, with an average 0.2 point, increasing from last week’s 2.97% average. A year ago, 5-year ARMs averaged 2.79%.
  • Freddie Mac reports commitment rates along with average points to better reflect the total upfront cost of obtaining a mortgage.

©National Association of REALTORS®
Reprinted with permission

admin

For all of your Real Estate needs, place yourself in the competent hands of a career Realtor who is a Philadelphia native and Delaware County resident. Skilled, smart and enthusiastic about his work and his life, Anthony DiDonato has the appealing combination of business sense and people skills gives him an edge in an industry that demands both.

Educated at Drexel University with a dual major in accounting and finance and minors in management and psychology Anthony DiDonato offers over 25 years of experience in the real estate industry. He has been a real estate investor since 1985 and a member of H.A.P.C.O. (Landlord Association). He became a licensed Realtor in 1992 and a member of the Local, Pennsylvania and National Associations of Realtors. Anthony DiDonato is also a member of the Computerized Multiple Listings, (MLS) and Internet Marketing Programs. In 1997 Anthony DiDonato became Century 21 All-Elite, Inc. Corporate Secretary.

Anthony DiDonato believes in taking his profession to the highest level of quality service. He is known for finding that “perfect” property in Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania for his buyers and helping his sellers prepare their properties so they sell quickly and efficiently.

When it comes time to negotiate the terms of a contract, Anthony DiDonato has the knowledge, experience, and professionalism applied to meeting – or exceeding – his clients’ expectations. His service to his clients is second to none. His honesty and integrity have been his claim to fame.

For Superior Real Estate Representation in the Delaware Valley, Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania… call Anthony DiDonato.