Mortgage Rates Rise, Fall This Week
Freddie Mac reports a slight jump in the 30-year fixed mortgage rate to 6.37 percent during the week ended July 10, from 6.35 percent the prior week. The five-year adjustable mortgage rate also moved up, climbing to 5.82 percent from 5.78 percent.
However, the 15-year fixed rate fell to 5.91 percent from 5.92 percent; and the one-year ARM was unchanged at 5.17 percent.
Freddie Mac chief economist Frank Nothaft attributes the fluctuation to the higher-than-anticipated decline in the National Association of REALTORS®’ pending home index.
Source: Chicago Sun-Times (07/11/08)