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Daily Real Estate News | December 9, 2005
Mortgage Rates on the Rise Again
After declining for two weeks, mortgage rates are beginning to creep up again.
According to Freddie Mac, the national average commitment rate on a 30-year, fixed mortgage floated up to 6.32 percent this week from 6.26 percent last week; while the national average commitment rate on a 15-year, fixed mortgage bumped up to 5.87 percent from 5.81 percent.
Five-year hybrid ARMs rose slightly to 5.78 percent from 5.76 percent, but one-year ARMs held steady at 5.16 percent.
Even with the recent increase in borrowing costs, Freddie Mac chief economist Frank Nothaft says that long-term mortgage rates have held close to the averages set over the past two years.
Source: Detroit Free Press (12/09/05); Crutsinger, Martin
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