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Mortgage Interest Rates Up Slightly
January 27th, 2006Mortgage interest rates in the United States are up slightly this week. The interest rate for a traditional fixed thirty-year mortgage is 6.12% this week. This is up from 6.1% last week. This is the first increase in this mortgage interest rate for six consecutive weeks.
Fifteen year mortgages are also up slightly this week. A fixed fifteen year mortgage is at 5.7% this week; this is up from 5.67% last week. One year adjustable rate mortgages are also up; one year ARMs are averaging 5.2%. This is up from 5.18% the week before.
According to one national lender, this slight hiccup in mortgage interest rates is likely due to anticipation that the Federal Reserve will raise short term interest rates next week. The Federal Reserve will meet on January 31st and is expected to resume the stair-stepper increases for short-term interest rates. When this happens expect mortgage interest rates to follow the trend.
Interest rates are still slightly lower than their highest levels in 2005. This is low interest rate is continuing to fuel the housing market in the United States.
At this time last year fixed thirty-year mortgages averaged 5.66%. Fixed rate fifteen year mortgages averaged 5.14%. One year adjustable rate mortgages averaged 4.18% this time last year. These interest rates assume .5% charged for fees and .6% pre-paid points.
The only mortgage rate unchanged this week is 5/1 adjustable rate mortgage; this interest rate remained at 5.75%.
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