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4.6%: Mortgage Rates Continue to Rise

  • July 7th 2011

by UrbanTurf Staff

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4.6%: Mortgage Rates Continue to Rise: Figure 1

Long-term mortgage rates rose again this week, as Freddie Mac reported that the average on a 30-year fixed-rate mortgage increased to 4.6 percent with 0.7 of a point, up from 4.51 percent last week. While rates increased ever so slightly last week from the previous week (4.5 to 4.51 percent), this week’s rise was the largest in about nine weeks as rates followed treasury yields higher.

However, despite the increase, rates remain historically low. To put today’s long-term rate in perspective, if you were to buy a $499,000 home today using conventional financing (assuming 20 percent down) versus April 201 (when long-term rates were 5.21 percent), you are looking at a monthly savings of about $150.

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

4.6%: Mortgage Rates Continue to Rise: 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/4.6_mortgage_rates_continue_to_rise/3769.

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