30-Year Rates Inch Up Slightly for the Week

After eight weeks of declines, the average 30-year fixed-rate mortgage, a popular choice among home buyers, edged up this week but still remains low by historical standards. Meanwhile, the 15-year mortgage continued to reach new lows for the year, Freddie Mac reports in its weekly mortgage market survey.

Here’s a closer look at how rates fared for the week.

  • 30-year fixed-rate mortgage averaged 4.50 percent, up just slightly from last week’s 4.49 percent. Last year at this time, the 30-year rate mortgage averaged 4.75 percent.
  • 15-year fixed-rate mortgage averaged 3.67 percent for the week, which is down from last week’s 3.68 percent. That marks its lowest level since November 2010. Last year at this time, the 15-year rate mortgage averaged 4.20 percent.
  • 5-year adjustable-rate mortgage averaged 3.27 percent, down from last week’s 3.28 percent average. A year ago at this time, the 5-year ARM averaged 3.89 percent.

Overall, “mortgage rates were little changed this week as financial market participants shrugged off the recent inflation reports,” says Frank Nothaft, chief economist of Freddie Mac.

Source: “Mortgage Rates Mixed; 30-Year Fixed Ticks Up to 4.50 Percent,” Freddie Mac (June 16, 2011)

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