July 19, 2005 WASHINGTON -- This week we have seen an
increase in home loan interest rates on a nationwide level in the first
two-days. Nonetheless, interest rates remain below levels predominantly seen
over the past nine years.
On Thursday, Freddie Mac released its weekly application
volume and rate survey which indicated 30-year fixed rates increased to 5.66
percent on a nationwide average. There was a total gain of 0.04 percent.
The last week of June showed rates were expected to rise after
falling to 5.53 percent, a record low for 30-year mortgages in well over 14
months.
Steady-increases in existing and new home sales this year can
be attributed largely to low rates. Many home loan firms/lenders continue to
entertain concerns over a so-called housing bubble, and how it could cause hot
market areas to push home values to unsustainable levels.
Analysts attribute increases in rates over the past two weeks
to our financial markets moving its economic views. -
Article by Ryan Millay for CMR Home
Loans.
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