California Mortgage Rates rise for the 4th straight week – Now up .50%
Freddie Mac today released the results of its Primary Mortgage Market Survey, which found that once again, both fixed- and Adjustable mortgage rates rose this week. This was the fourth week in a row where fixed-rate mortgage rates were up.
30-year fixed-rate mortgage (FRM) averaged 4.61 percent with an average 0.7 point for the week ending December 9, 2010, up from last week when it averaged 4.46 percent.15-year Fixed Rate Mortgage this week averaged 3.96 percent with an average 0.7 point, up from last week when it averaged 3.81 percent.
5-year adjustable-rate mortgage (ARM) averaged 3.60 percent this week, with an average 0.6 point, up from last week when it averaged 3.49 percent.
After Europe made strides in its debt situation, investors left the security of U.S. Treasury debt causing bond yields to rise and mortgage rates along with them.
Predictions for California Mortgage Rates
As pointed in my earlier blog, I do not expect Rates to go down to early November levels. However, technically the mortgage bonds market is poised to bounce, it is extremely oversold after the huge and rapid climb in rates over the past three weeks. If I am correct, I expect the mortgages rates are going to improve for next few days, however any improvement won’t likely be anything substantial.
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