For the second straight week, mortgage rates - on a thirty year fixed, were on the rise. Rates increased by .05% for the week ending July 23rd. Although rates are up, they still look rather appealing compared to last years average of 6.5%. As of now, mortgage rates hover around 5.25%.
Freddie Mac vice president, Frank Nothaft, stated, Bond yields rose slightly higher this week on market optimism that the economy may be stabilizing somewhat, and mortgage rates followed those yields."
Fifteen year rates also rose slightly and both the thirty and fifteen fixed rates averaged less than a one point fee.
-- Edited by TW on Monday 3rd of August 2009 12:16:22 PM
