Dennis NormanAccording to Freddie Macs weekly mortgage market survey mortgage rates increased slightly this week from the prior week. The survey shows 30 year fixed rate mortgages averaging 5.20% with 0.7% in fees and points, up from 5.14% the week before. Last year at this time, the 30 year rate averaged 6.63%.
Rates on 15 year fixed-rate mortgages increased slightly as well, up to 4.68% from 4.63% the week before, 5/1 ARM’s held about the same at 4.74% and 1 year ARM’s as well as 4.76%. This time last year these arms were 6.18% and 5.49% respectively.
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