Friday, July 24, 2009

Fixed Rate mortagage rates rise this week

Fixed-Rate Mortgage Rates Rise This Week, an article from Realty Times, reports that the 30-year fixed-rate mortgage averaged 5.20% with an average 0.7 point for the week ending July 23, 2009, according to Freddie Mac's Primary Mortgage Market Survey. Last week, it averaged 5.14%, and a year ago it was 6.63%. "Mortgage interest rates were mixed this past week with fixed-rate loans averaging somewhat higher while initial rates on ARMs were flat-to-down slightly," said Frank Nothaft, Freddie Mac vice president and chief economist. "Federal Reserve Chairman Bernanke, during his July 22 Senate testimony, noted that mortgage rates are lower than they were last fall, in part because of the Federal Reserve's actions, and housing affordability right now is the highest its been in many years."