Scottsdale Mortgage Rates Rise Over Two Consecutive Weeks

I mentioned previously that low Scottsdale mortgage rates were expected to rise within the year, and they have begun to do just that. So far, the rise has been gradual, and the opportunity to purchase Troon Scottsdale real estate or refinance with a low interest rate is still very much available. Scottsdale mortgage rates are still below those seen last year.

According to market survey results from Freddie Mac, mortgage rates have inched upward from their record lows for the second consecutive week as of May 16th. The average fixed-rate mortgage (FRM) rates for both 30-year loans and 15-year loans have climbed in the last week, though marginally. However, as more signs of the recovering market crop up (e.g., falling delinquency rates, greater consumer spending), we can expect mortgage rates to continue their ascent.

The data released by Freddie Mac shows that 30-year FRM rates averaged at 3.51 percent, up from the previous week’s 3.42 percent and the record low of 3.35 percent before that. Rates for 15-year FRMs saw an average of 2.69 percent, compared to the 2.56 percent seen two weeks prior. Treasury-indexed adjustable-rate mortgage (ARM) rates have also climbed in recent weeks, with the average 5-year ARM rate rising to 2.62 percent and the average 1-year ARM rate rising to 2.55 percent.

For more information on the Scottsdale real estate market, visit our page on current market trends, give me a call at (602) 791-0536 or email me at Carmen@TopScottsdaleHomes.com.

Carmen Brodeur JD
Realtor
Trillium Properties, LLC
9825 E Bell Road, Suite 120, Scottsdale AZ 85260
(602) 791-0536
Carmen@TopScottsdaleHomes.com
www.TroonRealEstate.com