Winter Storms Hold Mortgage Rates in Place
Interest on 30-year fixed mortgages averaged 4.96 percent this week, barely up from 4.95 percent a week ago, while 15-year rates nudged up to 4.33 percent from 4.32 percent, Freddie Mac reported. Freddie Mac chief economist Frank Nothaft said the virtually unchanged interest on fixed-rate mortgages was the result of the effects of recent snow storms on the housing market.
Also for the week ending March 18:
• Five-year adjustable-rate mortgages rose to 4.09 percent from 4.05 percent.
• One-year ARMs fell to 4.12 percent from 4.22 percent a week ago.
Source: The Wall Street Journal (03/19/10)
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