POSITIVE ECONOMIC NEWS

POSITIVE ECONOMIC NEWS PUSHES MORTGAGE RATES HIGHER   30-Year Fixed Rate Mortgages Highest In Almost Four Months

Nationwide, 30-year fixed-rate mortgages averaged 6.34%, for the week ending February 1, up from last week's 6.25%.  Last year at this time, the 30-year FRM averaged 6.23%.  The 30-year FRM has not been higher since the week ending October 26, 2006, when it was 6.40 percent.  The average for the 15-year FRM this week is 6.06%, up from last week’s 5.98%.  One-year “T”ARMs were up at 5.54% and five-year “T”ARMs averaged 6.04% up from last week’s 6.00%.

"Interest rates moved higher following the latest upbeat economic news," said Frank Nothaft , Freddie Mac vice president and chief economist.  "The strong 3.5 percent annualized growth in the economy over the final quarter of 2006 occurred while inflation moderated.  Solid economic growth and tepid inflation contributed to the Fed's decision to leave the target short-term interest rate unchanged.  The Fed indicated in its statement that there are some tentative signs of stabilization that have appeared in the housing market. December's existing and new home sales confirmed that 2006 was a year of significant decline in housing activities, but 2006 was still in the top three years for total home sales."

Memphis Interest rates have a history of trailing behind the national average slightly. Interested in applying for a loan with a National Lendor? Start your Mortage Pre-Qualification here.  

• Freddie Mac

• Rate this Post!

  Select Your Rating:

  • 5 Stars (Excellent!)
  • 4 Stars
  • 3 Stars
  • 2 Stars
  • 1 Stars (Poor)

• Share this Post

  Share With A Friend:

  Your Name Your Email

  Friend's Name Friend's Email

  Optional Message

  Send

• Print
• Social Bookmarking

  Add to Bookmarks: