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September 13, 2010

MORTGAGE INTEREST RATES UP A BIT
Could this be the end of the drop in interest rates for home mortgages? Rates took a slight upward tick this past week over the week before, according to a weekly assessment that is done by Freddie Mac.

The average national interest rate for a thirty-year fixed rate mortgage was 4.35 % this past week, which was up from the 4.32 % of the preceding week. In the same time frame during 2009, the rate was 5.07 %.

The average rate for a fifteen-year fixed rate mortgage was 3.83 % this past week, which was the same as the week before. During the same period a year ago, the rate was 4.50 %.

Points, which are added fees, are not included in these interest rates. One point equals approximately 1 % of the total mortgage amount.

The average point was 0.7 for a thirty-year fixed rate mortgage, while it was 0.6 for a fifteen-year fixed rate mortgage.

Interest rates in the San Diego area were a bit below those of the national average. The average local rate was 4.31 % for a thirty-year fixed rate mortgage, and it was 3.79 % for a fifteen-year fixed rate mortgage. These rates were some of the lowest rates to be found nationally.

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