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Mortgage Interest Rates Creep Up

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Interest rates have been declining for the past three weeks as the markets reacted to the Federal Reserve, following Hurricane Katrina. The average 30 year fixed rate was 5.74%, slightly up from 5.71% the week before. The average rate for a 15 year fixed mortgage loan was 5.32%, up from 5.3% the week before and the 5.13% last fall. Mortgage rates didn’t move much this week as the markets wait for reaction from the Federal Reserve committee meeting.

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While the outcome of this meeting next week is a relative unknown, the markets seem confident that government will take action against inflation brought on by the Hurricane. Adjustable Rate Mortgages (ARM), are also up this week. The for a 5 year ARM was 5.26%, up from 5.24% last week One year indexed ARM loans are 4.46%, this is up from last week when they were 4.45%. This time last fall, the one-year ARM was 4.03%. The interest rates quoted here require the payment of up front points in the amount of .6 point. One point is equal to 1% of the loan amount; this amount is charged as prepaid interest.

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