Saturday, August 15, 2009

Mixed Mortgage Rates this Week

This week mortgage rates did not have a particular trend, it was rather mixed. According to the latest weekly survey by Freddie Mac, longer term mortgages had gone up and even fixed rate conforming 15-year as well as 30-year mortgages moved up further above 5%, after it had reached a record low this year.

The average 30-year rate of this week showed a 0.07% percent hike, moving from 5.22 percent f last week to 5.29 percent. Freddie Mac said that last year in 2008, at this time the rate was around 6.52 percent. On the other hand, 15-year average mortgage rates were up from 4.63% to 4.68%, which was around 6.18% a year ago.

So this was regarding the current mortgage rates. Let's check out the interest rates of adjustable mortgage of this week by Freddie Mac. The ARM rates showed a mixed performance as well. The five-year adjustable rate averaged around 4.75%, up from 4.73% where as the rates on one-year ARM slipped from 4.78% to 4.72%. However at this time last year, both one-year and five-year adjustable mortgage rates were around 5.49%.

On the whole we can say that current mortgage rates are showing mixed performance with slight improvement and housing market is beginning to stabilize.

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