Scottsdale mortgage rates have recently been kept low to encourage home sales and boost the economy. Now that sales are up, household debt is down and the real estate market is gaining speed every day, we are beginning to see a continued increase in the average mortgage rates. Though the rise is small, Scottsdale mortgage rates are expected to climb higher over the year, and the chance to buy Scottsdale homes with record-low interest rates may not last much longer.
Survey results released last week by Freddie Mac show increases in the average 15-year and 30-year fixed-rate mortgage rates (FRMs). The average 15-year FRM rate was up to 2.69 percent from 2.61 percent the previous week, while the 30-year FRM rate went from 3.42 percent to 3.51 percent. Adjustable rate mortgages (ARMs) have seen similar increases, with 5-year ARM rates climbing from 2.58 percent to 2.62 percent and 1-year ARM rates moving from 2.53 percent to 2.55 percent.
Frank Novak, chief economist at Freddie Mac, has attested these rising rates to a large amount of retail sales and consumer activity, as well as the recent decline of mortgage delinquencies.
Carmen Brodeur JD
Trillium Properties, LLC
9825 E Bell Road, Suite 120, Scottsdale AZ 85260