Average long-term US mortgage rate jumps to 6.32%

By M ATT O TT Associated Press

The average long-term U.S. mortgage rate jumped to its highest level in five weeks, bad news for home shoppers heading into the spring buying season.

Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate rose to 6.32% from 6.12% last week. The average rate a year ago was 3.92%.

The average long-term rate reached a two-decade high of 7.08% in the fall as the Federal Reserve continued to raise its key lending rate in a bid to cool the economy and and bring down stubborn, four-decade high inflation.

At its first meeting of 2023 earlier this month, the Fed raised its benchmark lending rate by another 25 basis points, its eighth increase in less than a year. That pushed the central bank’s key rate to a range of 4.5% to 4.75%, its highest level in 15 years.

Fed Chair Jerome Powell noted that some measures of inflation have eased, but he appeared to suggest that he foresees two additional quarter-point rate hikes this year.

Though those rate hikes do impact borrowing rates across the board for businesses and families, rates on 30-year mortgag - es usually track the moves in the 10-year Treasury yield, which lenders use as a guide to pricing loans. Investors’ expectations for future inflation, global demand for U.S. Treasurys and what the Federal Reserve does with interest rates can also influence the cost of borrowing for a home.

The big rise in mortgage rates during the past year has clobbered the housing market, with sales of existing homes falling for 11 straight months to the lowest level in more than a decade. Higher rates can add hundreds of a dollars a month in costs for homebuyers, on top of already high home prices.

The National Association of Realtors reported earlier this month that existing U.S. home sales totaled 5.03 million last year, a 17.8% decline from 2021. That is the weakest year for home sales since 2014 and the biggest annual decline since 2008, during the housing crisis of the late 2000s.

The rate for a 15-year mortgage, popular with those refinancing their homes, climbed to 5.51%, from 5.25% last week. It was 3.15% one year ago.

Deeds

Agawam

Claude J. Dumont and Stacey L. Kennedy-Dumont to Basim J. Jenkins and Page M. DeGregorio, 46 Central St., $350,000. David R. Clark, Cindy M. Clark and Marcia Ann Clark, estate, to Plata O Plomo Inc., 121 Paul Revere Drive, $205,000.

William T. O’Connell, estate, and Kevin R. Widmer, representative, to Teresa Bonavita, 68 Parker St., $179,000.

ZF SPV LLC, to Valentin Lazarev and Olena Lazareva, 22 Kathy Terrace, $284,900.

Amherst

Jesse J. Mills and Kimberly V. Spence to Erin Lippincott and Brian M. Stuss, 48-50 High St., $490,000.

Ralph L. Chen to Tremontaine Properties LLC, 664 Main St., $20,000.

Marilyn M. Denny to Marilyn M. Denny, trustee, and Marilyn M. Denny Trust, 16 Chapel Road, $100.

Paul H. Kochanski and Tracy B. Kochanski to Yan Cong and Jason S. Yang, 252 West St., $210,000.

Deborah T. Jankowski, trustee, and Richason Living Trust to 148 East Pleasant Street LLC, 148 East Pleasant St., $400,000.

Belchertown

Bell Property Corp., to Mark W. Chaban and Amber Sara Chaban, Woodland Lane, $122,570. Elaine Lanoue to Elaine Lanoue Revocable Trust and Elaine Lanoue, trustee, 24 Azalea Way, $100.

Brent F. Walton and Claire Pierrette Walton to Kevin Cleveland and Heidi Munro, Sycamore

Circle, $125,000.

Jennifer S. Gariepy, trustee, Pamella D. Kosnicki, trustee, and George B. Jackson Revocable Trust to Stadler Street Realty LLC, and Land of Oz LLC, 13 Stadler St., $375,000.

Frederick B. Allen and Karen M. Allen to Michael J. Fine and Rebecca L. Fine, 61 South Washington St., $515,000.

Sandra Ho, Hoeun Heang and Marjina Sophul to Sandra Ho, Hoeun Heang, Tony Ho, Vanrong Ho and Josiah Ho, 16 Goodell St., $100.

Blandford

George N. Cyr and Cassandra Cyr to Robin L. Cooley, 7 Sunset Rock Road, $218,000.

Brimfield

New England Motel & Antiques Market Inc., to Skowyra Enterprises LLC, 30 Palmer Road, $1,800,000.

Cal Rolling Hills LLC, to Ruport Realty II LLC, 10 Kings Bridge Road, $240,000.

Phillip Cordello IV, to Travis L. Simpkins and Janet L. Simpkins, 185 Old Sturbridge Road, $330,000.

Chicopee

Edward R. Krupa, estate, and Jane H. Krupa, representative, to Brittany Kowalski, 34 Sampson St., $290,000.

Equity Trust Co., custodian, Robert Lareau Ira and Robert Lareau to Roy T. Mushongera, 6 Meeting House Road, $272,500.

Joseph M. Bailey, Doreen G. Bailey, U S Bank, trustee, and CIM Trust 2021-NR3, trustee of, to Pah Properties LLC, 101 Monroe St., $187,000.

Karen L. Beaulieu, representative, Jeannette Marie Beaulieu, estate, Jeannette Marie Anna

Beaulieu, estate, and Jeannette M. Beaulieu, estate, to Sheila M. Reynolds, 81 Anderson Road, Unit F-7, $190,000.

Kassandra O’Connor and Joshua M. Batchelor to Jimarie Quinones Rivera and Angel J. Rivera Jr., 14 Richelieu St., $240,000.

Kristen Lee Ellis to Patrick Chikezie, 12 Manola St., $275,000.

Madalyn Benoit, representative, and Paul J. Benoit, estate, to No Limit Assets LLC, 255 East St., $140,000.

MDDO LLC, to David Riopelle and Rebecca Allen, 1258 Montgomery St., $330,000.

Patrick C. Chikezie to Fallah Razzak, 115 South St., Apt 5G, $120,000.

Paul Raymond Lesperance and Kathleen Elizabeth Lesperance to Joseph Walter Zakrzewski III, and Saritha Sahadevan Perumbadarakalam, 52 Lord Terrace No, $425,000.

Ronald R. Larocque, representative, and Robert J. Stasiowski, estate, to Eric M. Osgood and Kimberly A. Osgood, 15 Lincoln St., $200,000.

U S Bank, trustee, and RMAC Trust Series 2016-CTT, trustee of, to Carlos Guzman and Luz Diaz, 356 Dale St., $259,900.

East Longmeadow

Lester S. Macmillan to Alec C. Robinson and John L. Robinson, 207 Parker St., $210,000.

Easthampton

Michele Bombard Hausman and Jacqueline B. Siller to Christina P. Jeffrey and Jose David Cure Uribe, 10 Alden St., $310,000.

Paul H. Turban, Paul H. Turban, conservator, and Jeffrey L. Turban to Rebecca L. Walunas, 7 Wendell Ave., $293,000.

Mortgage Guide

413-267-4513 www.monsonsavings.com

LIC# 613363

Points quoted include discount and/or origination. Lock Days: 30-60. Annual percentage rates (APRs) are based on fully indexed rates for adjustable rate mortgages (ARMs). The APR on your specific loan may differ from the sample used. Fees reflect charges relative to the APR. If your down payment is less than 20% of the home’s value, you will be subject to private mortgage insurance, or PMI. FHA mortgages include both UFMIP and MIP fees based on loan amount of $165,000 with 5% down payment. VA mortgages include funding fees based on loan amount of $165,000 with 5% down payment. The Republican does not guarantee the accuracy of the information appearing above or the availability of rates and fees in this table. All rates, fees and other information are subject to change without notice. The Republican does not own any financial institutions. Some or all of the companies appearing in this table pay a fee to appear in this table. If you are seeking a mortgage in excess of $548.250, recent legislation may enable lenders in certain locations to provide rates that are different from those shown in the table above. Sample Repayment Terms-ex. 360 monthly payments of $5.37 per $1,000 borrowed ex. 180 monthly payments of $7.65per $1,000 borrowed. We recommend that you contact your lender directly to determine what rates may be available to you. To access the NMLS Consumer Access website, please visit www.nmlsconsumeraccess.org. To appear in this table, or report any inaccuracies call 413-788-1165