Mortgage Rates Move Up Slightly

The average interest rate on a 30-year fixed-rate mortgage loan was 4.12% during the week ended September 11th 2014, according to the Primary Mortgage Market Survey conducted by Freddie Mac. The average rates on all types of mortgages covered by the survey marked a slight increase.

The average rate on a 30-year fixed mortgage went up from 4.10% during the previous week. It remained lower compared to the same week of 2013, however. Back then, it was 4.57%.

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The average interest rate on a 15-year fixed-rate mortgage was 3.26% in the week ended September 11th. It moved up from a level of 3.24% during the week before. One year ago, the average rate on this type of home loan was 3.59%.
The average interest rate on a 5-year hybrid adjustable rate mortgage was 2.99% during the week. It rose from its previous week’s level of 2.97%. During the same week of 2013, the average rate on this type of mortgage loan was 3.22%.
The average rate on a 1-year hybrid adjustable rate mortgage was 2.45% during the week ended September 11th. It achieved the highest increase on a weekly basis. While the rates on all other types of loans covered by the Survey rose by 0.02%, the average rate on the 1-year ARM went up by 0.05%. It was 2.40% during the previous week. The interest rate on this type of mortgage is still lower compared to its level from a year ago. During the same week of 2013, it was 2.67%.

The chief economist of Freddie Mac, Frank Nothaft, noted that the mortgage rates followed the upward movement of the yields of the 10-year Treasury notes during the week ended September 11th. At the same time fewer jobs were added to the national economy during August compared to the months of July and June.

Christian

Christian

Christian Calvin mortgage Christian is a contributing writer for Mortgage.info. He is a graduate from the University of Tennessee with a degree in Communications and a concentration in Broadcasting. Christian has served as vice-president for a privately-held company for more than 20 years. Additionally, he has also applied his writing and business knowledge to various websites with a focus on business and sports news . . . both of which are passions. Christian enjoys playing golf and spending time with his family and friends.

Contact: christian@mortgage.info
Christian

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