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4.5%: Mortgage Rates Rise Slightly

  • June 16th 2011

by UrbanTurf Staff

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4.5%: Mortgage Rates Rise Slightly: Figure 1

This morning, long-term mortgage rates did something that they haven’t done in awhile: they rose.

After dropping eight straight weeks in a row, the average on a 30-year fixed-rate mortgage increased ever so slightly to 4.5 percent with 0.7 of a point. Last week, Freddie Mac reported long-term rates of 4.49 percent with 0.7 of a point.

While 30-year rates rose, 15-year fixed rates continued to drop, averaging 3.67 percent with an average 0.7 point, down from last week when it averaged 3.68 percent.

The recent drop in rates has fueled demand for refinancing. Last week, the Mortgage Bankers Association reported that home mortgages saw their biggest jump in three months.

Here’s a look at the path of rates since last January:

4.5%: Mortgage Rates Rise Slightly: Figure 2

See other articles related to: freddie mac, interest rates, mortgage rates

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/4.5_mortgage_rates_rise_slightly/3667.

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