30 year fixed mortgage rate
30-year mortgage rates up
found at poughkeepsiejournal.com
The Associated Press Sunday,
May 20, 2007
WASHINGTON - Rates on 30-year mortgages jumped to the
highest level in five weeks as investors expressed disappointment that the
Federal Reserve continues to remain worried about inflation threats.
Mortgage giant Freddie Mac reported Thursday 30-year, fixed-rate
mortgages averaged 6.21 percent nationwide last week, up from 6.15 percent the
previous week. It was the highest level for 30-year mortgages since they
averaged 6.22 percent the week of April 12.
Rates had either fallen or been unchanged over the previous
month as investors grew hopeful that weaker-than-expected economic data might
convince the Fed to cut interest rates to bolster the sagging economy.
However, the Fed at its latest meeting on May 9 said it still
viewed the threat of inflation as a greater risk than the possibility that
economic growth might slow too much.
Modest
rise seen
Analysts said any increase in mortgage rates was likely to be
modest given the economic environment.
"As long as core inflation continues to trend downward and
economic growth remains sub-par, it is unlikely that we will see any big
movement in mortgage rates," said Frank Nothaft, Freddie Mac's chief
economist.
Mortgage rates have been relatively stable since the beginning
of the year, with the 30-year fluctuating in a narrow range that saw it go as
high as 6.34 percent in early February and as low as 6.14 percent for the first
two weeks in March.
Freddie Mac said its survey found other types of mortgages
showed increases last week.
Rates on 15-year, fixed-rate mortgages rose to 5.92 percent last
week, up from 5.87 percent the previous week.
Five-year adjustable-rate mortgages averaged 5.92 percent last
week, up from 5.89 percent the previous week.
One-year adjustable rate mortgages were unchanged last week at
5.48 percent.
Antwerpen Real Estate
“There’s so much inventory out there that the buyer can pick and choose,” said Susan Sirles Fidler, a Realtor at Re/Max 10, Oak Lawn. But she cautioned, “The stuff that’s almost free is almost free because it’s going to cost you an arm and a leg to put it back together. It’s not buyer beware as much as buyer be smart.”
