Mortgage rate of 30 years soars to 4.37%

The fixed average rate on 30 years mortgage continues to grow with every passing day. Yes, federally controlled mortgage buyer Freddie Mac revealed in its report that 30 years mortgage rate had been augmented from 4.33% to 4.37% this week. And, it is supposed to be the significant growth in the last one year.

It goes without saying, the mortgage rate in 2013 was about 3.51% and it was predicted that it might not cross the figure of 4 %. But, fortunately, the sudden change in purchasing power brought tremendous growth in the real estate business. In addition, Frank Nothaft the Chief economist of Freddie said that “it was magnificent growth since the July 2008”.

Meanwhile, the average growth on the 15 years mortgage has grown from 3.35% to 3.39% in the last week.  Whereas, the five year Treasury indexed hybrid adjustable rate has continued to decline from 3.08% to 3.05%. Furthermore, the Freddie report claims that one year treasury indexed has turned down from 2.57% to 2.52%.