The average rate for a 30-year fixed rate mortgage as reported by the Mortgage Bankers Association rose to 4.39 percent, the highest level since the week ending May 9. The average rate a year ago this week was 4.62 percent.
For the end of September 2014, the Mortgage Bankers Association depicts the quarterly average rate holding steady at 4.2 percent for the end of the 3rd quarter with the quarterly average jumping upwards in the last quarter of the year. While the quarterly average rate is forecasted to climb, the overall average for the year was also revised downward to a forecasted average rate of 4.3 percent for 2014. The bottom line remains that at this point the rates for 2014 are already starting to rise above past forecasts and are likely to continue to rise through the remainder of 2014.