Freddie Mac: Interest rates for home loans inch up during most recent week

Mortgage rates inched upward during the most recent week.After experiencing a slight decline recently, interest rates for home loans inched upward during the most recent week, Freddie Mac revealed.For the week ending July 21, interest rates for 30-year fixed-rate mortgages settled at 4.52 percent. This average is up from 4.51 percent from last week, but down from 4.56 percent last year. The rate for 15-year FRMs also increased slightly to 3.66 percent from 3.65 percent last week. Compared to last year though, the rate is also down, falling from 4.03 percent.”Mortgage rates were virtually unchanged this week amid mixed economic data reports,” said Freddie Mac vice president and chief economist Frank Nothaft. “Although both the overall producer price index and consumer price index fell moderately in June on lower energy costs, the core price indexes inched up. In addition, consumer sentiment sank to the lowest reading since March 2009, based on figures from the University of Michigan.”Adjustable-rate mortgages experienced fluctuations, according to Freddie Mac's data. Rates for five-year ARMs decreased to 3.27 percent from 3.29 percent last week and 3.79 percent last year. One-year ARMs, however, increased to 2.97 percent from 2.95 percent last week. Compared to last year though, the rate is down from 3.70 percent.As these rates inch forward, more consumers may start shopping for homes to take advantage of the low rates. Thus, in areas with strong job sectors, such as Houston, real estate market activity could increase soon.Courtesy of 2M Realty News

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