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Mortgage Rates Up Slightly

  • May 21st 2009

by Mark Wellborn

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Freddie Mac recently released the results of its Primary Mortgage Market Survey that showed 30-year fixed-rate mortgages are averaging 4.86 percent, just slightly up from last week when they were averaging 4.84 percent. A year ago, 30-year mortgages were averaging 6 percent.

With this news, long term fixed-rate mortgages have now remained below five percent for over two months, and it seems not even the recent news about job losses could have very much effect on the rates.

From Freddie Mac:

“Interest rates for fixed-rate mortgages were little changed this week following the release of April’s employment figures,” said Frank Nothaft, Freddie Mac vice president and chief economist. “The economy lost 539,000 jobs, less than the monthly job loss of the past five months, and the unemployment rate rose to 8.9 percent. ARM rates, however, fell slightly over the period.”

Remember that it was just about three weeks ago when long-term mortgage rates were at their lowest point in four decades.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/mortgage_rates_up_slightly/941.

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