Mortgage Rates Move Up

Freddie Mac released its weekly update on national mortgage rates this morning, showing fixed mortgage rates moving higher from the previous week, but remaining near record lows.

Thirty-year fixed rate mortgages (FRM) currently average 3.42%, reversing last week's decline and rising to their highest level since Sept. 29, 2012. Fifteen-year FRMs now stand at 2.71%, up five basis points from last week.

The situation among adjustable rate mortgages is more stable. For the third week in a row, 5/1 ARMs are holding steady at 2.67%. One-year ARMs, meanwhile, held for the second straight week at 2.57% -- the same level at which they began the year.

Commenting on the numbers, Freddie Mac Vice President and Chief Economist Frank Nothaft said, "fixed mortgage rates were up slightly over the holiday week but remain highly affordable and should continue to aid in the ongoing housing recovery."

Existing home sales increased 9.2% in 2012 over 2011 levels, a rate that Nothaft noted was the strongest pace in five years.


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2214093, ~/Articles/ArticleHandler.aspx, 9/30/2016 8:16:07 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated 11 hours ago Sponsored by:
DOW 18,143.45 -195.79 -1.07%
S&P 500 2,151.13 -20.24 -0.93%
NASD 5,269.15 -49.39 -0.93%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes