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Mortgage Rates Up For The First Time in Six Weeks, Still Near All-Time Lows
|After six straight weeks of record-setting lows, data for the week ending June 14 shows mortgage rates have increased but still offer high affordability for the potential buyers of Florida homes.
Wednesday, July 11th, 2012
After six straight weeks of record-setting lows, data for the week ending June 14 shows mortgage rates have increased but still offer high affordability for the potential buyers of Florida homes.
Freddie Mac's Primary Mortgage Market Survey reveals the 30-year fixed-rate mortgage average was 3.71 percent, up from the low set last week of 3.67 percent. While the increase may have potential buyers worried, rates are still considerably lower than this time a year ago when the average rate was 4.5 percent.
For homeowners looking for a shorter mortgage loan, the 15-year FRM rate was 2.98 percent, up slightly from the week before when it averaged 2.94, but notably down from last year when it averaged 3.67 percent. While shorter mortgage terms mean buyers will pay more each month, selecting a shorter-term loan can minimize money dedicated toward covering interest.
Additionally, the 5-year adjustable mortgage rate average was 2.8 percent, down from the previous week when it averaged 2.84. This time last year, the average was 3.27 percent.
Industry experts predict that both mortgage rates and home prices will continue to increase as the housing market continues to stabilize, noting that other economic factors are improving.
"Fixed mortgage rates edged up slightly from record lows during a mild week of economic data releases," said Frank Nothaft, vice president and chief economist of Freddie Mac. "The Federal Reserve Board reported that household net worth rose by $2 trillion to $62.9 trillion over the first three months of 2012 primarily due to increases in stock markets."