Rates climb second consecutive week

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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