By: Dennis Norman
Yesterday, Bankrate, Inc. issued their weekly mortgage interest rate report showing that mortgage rates after rising to almost 6% have retreated in this past week with 30-year fixed-rate mortgages averaging 5.76%, down from 5.95% last week, with an average of 0.43% in discount and origination fees.
The report shows 15-year fixed-rate mortgages were also lower this week at an average of 5.19%, down from 5.37% last week and the rate for a 5/1 ARM was at 5.37% down from 5.49% last week.
A year ago the average interest rate on a 30-year fixed-rate loan was 6.62%.
As I said previously, keep in mind is the Federal Reserve is still setting on over a trillion dollars in their mortgage buyback program and if they increase their buying of loans could help bring interest rates down. The Fed has their next Federal Open Market Committee meeting coming up next week and it my guess is if they are going to do anything it will be announced after that meeting.
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