Saturday, February 17, 2007

Mortgage Rates Edge Up Again

The 30-year fixed mortgage rate rose this week to 6.30 percent from last week's 6.28 percent, according to Freddie Mac. The 15-year fixed rate also registered a slight increase, floating up to 6.03 percent from 6.02 percent over the same time span.

The one-year adjustable rate edged up to 5.52 percent from 5.49 percent, while the five-year ARM climbed to 6.01 percent from 5.99 percent. Besides testimony before Congress from Federal Reserve Chairman Ben Bernanke that inflationary pressures are diminishing, Freddie Mac chief economist Frank Nothaft notes that "there was little new information that would cause any great change."

Source: Philadelphia Daily News, Martin Crutsinger (02/16/07)

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