Nesting In Nashville Real Estate Blog

Rates Remain Low, Don’t Move Much

Freddie Mac reports that mortgage rates continued to drift higher last week, with average interest of 5.03 percent on a 30-year fixed loan — up from a flat 5 percent the previous week. The government-sponsored enterprise reports that 30-year fixed rates have been hovering around the 5 percent mark mainly due to government intervention. The result has been a refinancing boom, with refis accounting for seven of every 10 mortgages this year. For 15-year fixed loans, this past week’s rate averaged 4.46 percent compared to 4.43 percent a week earlier.

Bankrate.com’s national survey of large lenders put the benchmark 30-year, fixed-rate mortgage at 5.35 percent, up slightly for the third week in a row.

The Mortgage Bankers Association says applications have fallen more than 25 percent in the past two weeks.

[SOURCES: Freddie Mac; Information, Inc.; Bankrate.com]

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