After nine consecutive weeks of rate hikes, mortgage interest rates leveled off this week. This has been the longest running streak of mortgage interest rates for the past eighteen years. This week the average for a 30 year fixed interest rate mortgage loan held fast at 6.42%. This time last fall this mortgage rate stood at 5.76%. Fifteen year fixed interest rate mortgages did not fare as well; this mortgage interest rate rose 3 points to 5.99%. According to one survey of national lenders this interest rate has not gone down since August. It has gone up every week since the end of August.
One possible reason for the lack of an increase is favorable news about inflation. The bond market reacted to favorable news from the government regarding the Consumer Price Index and mortgage interest rates remain unchanged.
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