Rates Again Move Up Slightly

       Memphis Interest Rates  |  Memphis Mortgage Rates

Freddie Mac's Primary Mortgage Market Survey showed the 30-year fixed-rate mortgage (FRM) averaging 6.25 percent with an average 0.4 point for the week ending January 25, 2007, up from the prior week when it averaged 6.23 percent. Last year at this time, the 30-year FRM averaged 6.12 percent.

       The 15-year FRM this week averaged 5.98 percent with an average 0.4 point, unchanged from the previous week when it also averaged 5.98 percent. A year ago, the 15-year FRM averaged 5.70 percent.

       "Mortgage rates were mixed this week on news that December's leading indicators, a measure of future economic activity, signaled steady growth in the coming months," said Frank Nothaft, Freddie Mac vice president and chief economist. In the housing market, December's
new construction came in stronger than expected despite a decline in one-unit residence starts.

       [SOURCE: Freddie Mac]