Average home loan rates edge upward this week

July 8, 2005 WASHINGTON -- According to industry analytic giant Freddie Mac, average interest rates for residential lending on a broad-based national level rose from the previous week's near-record low. Rates this week remain at remarkably low levels, so needless to say locking an APR rate for a home loan now will land most homeowners at an appealing level they may never have opportunity to grasp again.

As rates continue to hover at rock-bottom levels, the buoyancy of the U.S. housing market remains at top-level.

The Freddie Mac weekly survey said Thursday that rates on 30-year, fixed-rate home loans jumped from the prior-week 5.53 percent to 5.62 percent, on average. Last week's 30-year marked its lowest point since April 2004. 15-year fixed-rates averaged 5.20 percent, up slightly from the previous week, at which time the survey results indicated a 5.12 percent national average. - Article by Stockton Marquette for CMR Home Loan original news.

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