Real Estate News

Long-term mortgage rates ended the week mixed, with the 30-year fixed-rate average rising, as markets reacted to news of higher inflation.

The average rate on 30-year fixed-rate loans edged up to 6.06 percent from last week's 6.03 percent, while the average rate on 15-year fixed loans dipped from 5.62 percent to 5.59 percent. A year ago the 30-year averaged 6.16 percent and the 15-year averaged 5.87 percent.

To qualify for these rates, borrowers must pay points, or fees that lenders charge for loan processing expressed as a percent of the loan, which this week averaged 0.5 on the 30- and 15-year loans.

"This week saw little change in mortgage rates on mixed news of higher inflation and a weaker housing market," Frank Nothaft, Freddie Mac vice president and chief economist, said in a statement.  

Joe Padilla

Certified Residential Specialist

ReMax Alliance, Realtors

Office (505) 298-9999   Mobile (505) 259-6004 

e-mail Joe@JoePadilla.com   Toll free 1-800-294-5757