Saturday, July 9, 2011

Mortgage short and long-term rates higher this week

by Victoria Araj in economic analysis, the mortgages, July 7, 2011

The average rate on 30-year fixed mortgages was 4.60 mortgages per cent, up from 4.51% from last week and 15 years average 3.75 per cent, 3.69% from last week.  Rate mortgages adjustable (ARM) marked up, with the arm of 5 years with an average of 3.30%, 3.22% from last week.

"Mortgage followed yields higher Treasury during the holiday week, but remain quite affordable standards historical,", said Frank Nothaft, Freddie Mac's Chief Economist and Vice President "For example, rates of interest on the outstanding mortgages in the first quarter of this year almost average 6 per cent."  "With the rates, these owners who have the ability to refinance can shave $169 per month in interest payments on a 200,000 dollars, 30 year fixed mortgage."

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