La Jolla Real Estate - Mortgage Rate Update

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August 17, 2007

30-Year Mortgages Go up Slightly this Week
Freddie Mac reports that an increase in mortgage rates has ended a 3-week run in lower borrowing costs. The mortgage finance giant reports that the average rate on a 30-yr fixed loan increased from 6.59% up to 6.62% this week.

Following suit, the rate on 15-yr fixed mortgages - which are popular for refinancing, went up to 6.3% from 6.25 % last week. 5-yr ARMs increased slightly up from 6.33% up to 6.35%. One year ARMs went from 5.65% up to 5.67%.

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