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Current Mortgage Rates Back Above 5.00% for 30 Year Mortgages
 

Current Mortgage Rates Back Above 5.00% for 30 Year Mortgages

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Current mortgage rates are higher in the latest Primary Mortgage Market Survey released by Freddie Mac. The average 30 year fixed mortgage rate is averaging 5.08 for the week ending April 1, 2010, up from the prior week’s average home loan mortgage interest rate of 4.99 percent. Mortgage discounts remained the same for the week ending April 1, 2010 at 0.7 points.

15 year fixed home loan mortgage rates were also higher. 15 year fixed mortgage rates increased to 4.39 percent for the week ending April 1, 2010, up from the previous week's average 15 year home loan rate of 4.34 percent. Mortgage discount points remained the same for the week ending April 1, 2010 at 0.6 points.

Adjustable mortgage rates decreased for the week ending April 1, 2010. The average 5 year U.S. Treasury-indexed adjustable mortgage rate is down to 4.10 percent, a decrease from the previous week’s average mortgage interest rate of 4.14 percent. Mortgage points averaged 0.6 points.
“Interest rates for fixed mortgages rose this week following a run up in long-term bond yields, while ARM rates eased slightly,” said Frank Nothaft, Freddie Mac vice president and chief economist.  “Rates on 30-year fixed loans were the highest since the starting week of this year.

“Home-price declines continue to moderate with more metropolitan areas showing stabilizing or rising values.  Compared with one year ago, house prices were down 0.7 percent in January 2010 in the S&P/Case-Shiller® 20-City Composite Index, which was the smallest 12-month decrease since January 2007.  Nine of the cities experienced positive growth, led by San Francisco’s 9.1 percent annual gain. Recently, the Mortgage Insurance Companies of America reported that homeowners who moved out of default outnumbered those who became newly delinquent in February, which was the first such occurrence since March 2006.”

Author: James Martin
April 5th, 2010