Posted on: Friday, November 7, 2003
Mortgage rates increase slightly
By Jeannine Aversa
Associated Press
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| Home and condo buyers in the Makiki/Punchbowl area and elsewhere found rates on 30-year and 15-year mortgages edging up this week, Freddie Mac reported.
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For the business week ending today, the average rate on 30-year mortgages rose to 5.98 percent, up from 5.94 percent the previous week, according to the latest nationwide survey by the Federal Home Loan Mortgage Corp., better known as Freddie Mac.
Rates on 30-year mortgages slid to 5.21 percent, the lowest level in more than four decades, in June. Since then, rates on these benchmark mortgages have bounced up and down.
For 15-year mortgages, a popular option for refinancing, rates increased to 5.31 percent, from 5.26 percent last week. Rates for one-year adjustable mortgages, however, averaged 3.73 percent, down slightly from last week's 3.74 percent.
Even with the gyration in rates, home sales are expected to set new highs this year.
| • On the Web:
Freddie Mac: www.freddiemac.com |
The averages for mortgage rates do not include add-on fees known as points. Each loan type carried an average fee of 0.7 point this week.
