Mortgage Rates Continue to Inch Up

For the second straight week, mortgage rates were on the rise, but still remain overall low, reports Freddie Mac in its weekly mortgage market survey.

While interest rates for the 30-year fixed-rate still stand below 5 percent, rates inched up slightly this week averaging 4.86 percent. Last week, rates averaged 4.81 percent. Last year at this time, 30-year rates averaged 5.08 percent.

The 15-year fixed-rate mortgage averaged 4.09 percent this week, up from last week’s 4.04 percent.

The 5-year adjustable-rate mortgage averaged 3.70 percent, also up from last week’s 3.62 percent average.

“Low rates have benefited from relatively benign inflation reports,” says Frank Nothaft, chief economist for Freddie Mac. “Inflation as measured by the 12-month growth in the core price index for consumer spending … is hovering near the lowest pace since 1960 when this data series began.”

Source: “30-Year Fixed-Rate Mortgage Up Slightly for Second Week,” Freddie Mac (March 31, 2011)

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Category: Real Estate