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How Much can you Save Today by Refinancing?

March 23rd, 2016 | Refinancing

Time-to-Refinance?

THE WEEKLY WEDNESDAY MARKET REPORT FOR THE PAST WEEK!
 Call us for a no-cost refinance analysis!  We get excited about saving you money! 

Rates on home loans inched higher again in the past week and fell back down this week. Freddie Mac announced that, for the week ending March 17, 30-year fixed rates rose to 3.73% from 3.68% the week before. The average for 15-year loans was also moderately higher at 2.99%. The average for five-year adjustables increased slightly to 2.93%. A year ago, 30-year fixed rates were at 3.78%, very close to today's levels. Attributed to Sean Becketti, chief economist, Freddie Mac -- "Treasury yields increased heading into this week's FOMC meeting, partially in response to modestly higher inflation readings. 30-year fixed rates kept pace, rising 5 basis points to 3.73 percent. Nonetheless, at the meeting the Fed confirmed what the market had already concluded and made no change to the Federal funds target. The Fed went further and acknowledged that economic signals have been mixed and that the pace of monetary tightening may be slower than had been assumed at the end of 2015." Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.
 

Current Indices for Adjustable Rate Mortgages
Updated March 18, 2016

Index

March 17

February

6-month Treasury Security

0.47%

0.45%

1-year Treasury Security

0.64%

0.53%

3-year Treasury Security

1.04%

0.90%

5-year Treasury Security

1.39%

1.22%

10-year Treasury Security

1.91%

1.78%

12-month LIBOR

 

1.179% (Feb)

12-month MTA

 

0.377% (Feb)

11th District Cost of Funds

 

0.664% (Jan)

Prime Rate

 

3.50% (Dec)

 

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