Freddie Mac Posts 30-Year Fixed Rate Mortgage Interest Rates and 15-Year Rates Edge Higher; Home Financing News November 26th, 2010
Posted on | November 26, 2010 | No Comments
In the week ending November 24th, 2010, interest rates for long term mortgages rose slightly according to Freddie Mac. Rates rose for the second consecutive week for both 15 year and 30 year mortgage contracts. Still, rates remain at historic lows. The economy is making progress and the dollar is gaining strength recently.
Along with this positive economic data comes an edging up of interest rates for the second consecutive week after not having moved forward in over two months. The housing market continues to struggle in the current economic climate in the United States and this edge up in interest rate will not benefit this sector. The increased rates will make entering into a 30-year fixed rate or 15-year fixed rate mortgage less attractive to many Americans. Even though data this month showed that the average American income rose slightly, Americans will be less likely to buy or enter into a refinance in a market that has shown it is slow to recover. Freddie Mac reported this week that the average rate for a 30-year fixed rate mortgage rose to 4.40 percent this week up from 4.39 percent last week. Freddie Mac also reported that the average rate for a 15-year fixed rate loan edged up to 3.77 percent up from 3.76 percent a week earlier.
Author: Stephen Johnson