Bad Credit Online Magazine - Daily News and Advice on Credit, Debt and Mortgage : Fixed rate mortgage interest has reached 15 months high

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October 22, 2005

Fixed rate mortgage interest has reached 15 months high

According to Freddie Mac's Primary Mortgage Market Survey, rates continue to rise. For the 30-year fixed mortgage, interest rates averaged 6.10 percent nationwide, with an average 0.5 point, for the week ending October 20, 2005. Last year at this time, the 30-year interest rate stood around 5.69 percent. This is the highest the 30-year interest rate has been since the week ending July 1, 2004, when it was 6.21 percent.

For 15-year fixed mortgage, interest rates were at 5.65 percent this week, with an average 0.6 point. A year ago, the 15-year fixed rate mortgage averaged 5.07 percent. This is the highest the 15-year mortgage rate has been since the week ending June 17, 2004, when it averaged 5.70 percent.

The interest rates for adjustable rate mortgages have gone up even sharper, with 1 year Treasury-indexed ARMs leading the way at 4.89 percent this week, up from last week when it averaged 4.85 percent. At this time last year, the one-year ARM averaged 4.02 percent.

Posted in Mortgages at October 22, 2005 02:29 PM

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