Mortgage rates rise slightly

The average 30-year fixed-rate mortgage averaged 5.68 percent this week, up slightly from 5.64 percent last week, according to Freddie Mac’s Primary Mortgage Market Survey. Last year at this time, the 30-year average was 5.90 percent.

“Mortgage rates were basically unchanged leading up to the FOMC’s announcement that opened the door to the possibility the Fed would raise rates sooner than expected,” said Frank Nothaft, Freddie Mac’s Chief Economist. “Following the policy statement, bond yields shot up, taking mortgage rates with them, raising the prospect that mortgage rates will be even higher next week. However, even at higher levels next week, mortgage rates remain incredibly low and affordable and shouldn’t starve off the demand for housing in 2004. The real estate market, although slowing from last year’s blockbuster pace, will continue to be robust this year.”

(Visited 20 times, 1 visits today)