According to Freddie Mac, average fixed mortgage rates increased from the previous week. Mortgage rates are still considered historically low, but are expected to increase over time. Freddie Mac chief economist, Frank Nothaft said, “mortgage rates rose following the uptick on the 10-year Treasury note after comments by the Federal Reserve Board Chair Janet Yellen indicated a possible increase in interest rates as soon as early 2015, also, the S&P/Case-Shiller 20-city composite house price index rose 13.2% over the 12-months ending in January 2014.” The 30-year fixed rate mortgage averaged nationally at 4.4%, and the 15-year fixed rate mortgage averaged nationally at 3.42%. More here
