Mortgage Rates Increase This Week

Mortgage Rates Increase This Week
Freddie Mac confirms that average interest on 30-year fixed mortgages rose this week to 5.29 percent from 5.22 percent a week earlier.

Meanwhile, the average rate on a 15-year fixed loan climbed to 4.68 percent from 4.63 percent. Five-year adjustable-rate mortgages ticked up to 4.75 percent from 4.73 percent, but one-year ARMs slipped to 4.72 percent from 4.78 percent.

Housing officials remain concerned that higher rates could cause some prospective home buyers to delay purchases if they are unable to qualify for larger amounts, thus slowing down recovery efforts.

Source: Ventura County Star (08/14/09)