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Mortgage Interest Rates On The Rise

The last  week of  December 2009 ends with mortgage interest rates on the rise.  The average interest rate on a 30-year, fixed-rate mortgage (FRM) rose to 5.14 percent according to Freddie Mac’s weekly Primary Mortgage Market Survey (PMMS).   

The current average 30-year FRM, at 5.14 percent, is up from 5.05 percent last week, and up from 5.10 percent a year ago.  The 15-year FRM this week averaged 4.54 percent with an average 0.7 point, also up from last week when it averaged 4.45 percent, but down from year ago at this time, when the 15-year FRM averaged 4.83 percent.

The 5-year Treasury-indexed hybrid ARM (adjustable rate mortgage) averaged 4.44 percent this week, with an average 0.6 point, nearly unchanged from the 4.40 percent average last week, but more than a full percentage point below 5.57 percent from a year ago.

The week ending Dec. 31, the 1-year Treasury-indexed ARM averaged 4.33 percent, plus an average 0.6 point. Last week the rate was 4.38 percent. Last year, the 1-year ARM averaged 4.85 percent.

Start the New Year off right.  Give me a call today for more information.  Let’s start looking for your dream home.

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