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30 Year Rates Nudge Upward
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June 19, 2005 LOS ANGELES --
We all knew it was coming, especially as Federal Reserve officials don't enjoy eating their words any more than the rest of us. You guessed it, rates for 30-year fixed home loans went a notch upward last week. For the week ending Thursday, the average 30-year interest rate climbed to 5.63%, this up a bit from the prior-week's 5.56%.
Unforeseen by virtually everyone who is anyone is the mortgage business, rates currently sit much lower than just one year ago. Namely, last year at this time 30-year loan averages country wide were at 6.32%. It is noteworthy to add that today's benchmark interest rate is still a quarter percentage point above last year's low of 5.38 percent. Needless to say home buying is certainly still an aggressive marketplace with rates being so low.
The Mortgage Bankers Association, an industry analytic giant, reported last week record loan activity for home purchasing. Adding to the buzz was a radical bump in refinancing volume.
Last week's average 15-year fixed-rate was 5.22 percent, according to industry giant Freddie Mac, up from 5.14% the previous week but down from 5.7% at the same time last year. - Article by Arthur Weiss for CMR Mortgage News.
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