CNN has an article describing how mortgage rates rise for the third week in a row. This is in spite of the cut in the overnight federal funds rate, which was supposed to help buffer our economy from a fall.
In its latest report, Freddie Mac said rates on 15-year fixed-rate loans averaged 6.09 percent in the latest week, up from 5.98 percent last week. A year ago, the 15-year rate averaged 5.98 percent.
Five-year adjustable-rate mortgages (ARMs) averaged 6.15 percent this week, down from 6.21 percent last week.
A year ago, the 5-year ARM averaged 6.00 percent.
One-year ARMs averaged 5.60 percent this week, down from 5.65 percent last week. They were at 5.47 percent this time last year.
This is sure not to help the struggling housing market. At least the ARM holders are getting a slight sense of relief.
Where can I buy a condo?