30-yr Fixed Rate is at 4.25%* this week.
Rates held steady for 3 weeks at 4.125% (which was the longest stretch that low for the entire year), then drifted slightly upwards for this week.
The stock market’s continued strong performance continues to provide the major support of the economic recovery. The Fed did signal that they would end its stimulus efforts in October of this year, which will provide more fuel for higher interest rates.
*This is closest “par” rate for a conventional 30-yr mortgage. It assumes very good credit, sufficient equity, and the absence of other negative risk factors (e.g. property use, cash-out or not, loan amount, etc.). Different mortgage types (such as FHA and VA) and specific risk factors will affect interest rates.
