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 June 17, 2009

Mortgage Rates Reach Seven-Month High Point
Freddie Mac reports that this week's higher interest rates have put a damper on applications for refinancing of mortgages.
Freddie Mac, in a weekly report showed that interest rates on an average 30 yr. fixed mortgage are now at five point five nine percent. This is an increase from five point two nine percent last week. This marks the highest this interest rate has been since November of 2008.

Rates on other types of mortgages also increased:

15-yr. fixed went from 4.79% up to 5.06%
5-yr. ARMs went up from four point eight five percent up to five point one seven percent.
1-yr. ARMs went up from 4.81% up to 5.04%

The chief economist with Freddie Mac, Frank Nothaft states that these increases are not showing an adverse affect on home purchase loans.