We will have our interest rate update on Monday. Meanwhile, here is an update from the Wall Street Journal;
The average rate on 30-year, fixed mortgages held at 5.04 percent for the week ended Sept. 24—down from 6.09 percent a year ago, according to Freddie Mac.Interest on 30-year, fixed loans has declined in the past three weeks, according to Freddie Mac chief economist Frank Nothaft, and the Mortgage Bankers Association reported a 13 percent increase in application volume last week.Other rates performed as follows:
- 15-year fixed loans dipped for the week from 4.47 percent to 4.46 percent.
- Five-year hybrid adjustable-rate mortgages were flat at 4.51 percent.
- One-year ARMs fell from 4.58 percent to 4.52 percent.
Source: Wall Street Journal (09/25/09)
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