Will residential market be affected by mortgage rate increases?

by Daniel Benson

According to Bloomberg & BankRate.com, the national average mortgage rate (based on a 80% LTV and a 740+ credit score assumption) has seen significant movement in the past month:

Today’s national average 30 year fixed mortgage rate is 4.51%
One month ago the national average 30 year fixed mortgage rate was 3.75%
Today’s national average rate is already up 1.13% from the average low of 3.38% in 12/2012. 0.76% of the increase has occurred in just the last month.

In Arizona, the average rate started at 3.43% in the beginning of May and ended the month at 4.21%. For the month of June, the average rate has risen from 4.05% at the beginning of the month all the way to 4.61% as of today.

Source for National and Arizona Rate information: BankRate.com (http://www.bankrate.com/funnel/graph/default.aspx?cat=2&ids=1,1&state=AZ&d=365&t=MSLine&eco=-1)

What affects will these significant jumps in rates have on the residential recovery? Is it a good thing temporarily to encourage pent up demand to act quickly?

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June 26, 2013

Housing, Multi-Family, real estate

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