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Rates Rise: Second Time in 12 Weeks

Mortgage News > Rates Rise: Second Time in 12 Weeks
Date: 09/13/2010    Rates Rise:  Second Time in 12 Weeks

Freddie Mac reported a rise in interest rates for the second time in twelve weeks.  Interest rates for a 30-year-fixed loan rose slightly from 4.32 percent last week to 4.35 percent and stayed consistent on a 15-year-fixed loan ending at 3.83 percent for the week last week.  5 Year ARM rates rose to 3.56 percent, up from 3.54 percent while 1 year ARM rates dropped to 3.46 percent from 3.5 percent.

Analysts are suggesting the rise in rates is due in part to the number of homeowners who have benefited from the historical low rates and refinanced their loans.  The revenue lending institutions have gained over the last 5 months has put them in a position to let rates rise a bit and not have to supply bottom of the barrel rates in order to draw in new borrowers.

Even with the slight rise in rates the Mortgage Bankers Association released a report saying applications for home purchases rose 6.3 percent from last week.