Tuesday, April 3, 2007

30-year mortgage rates remain unchanged

30-year fixed mortgage rates remained at 6.16 this week, unchanged from last week. This rate is a little higher than the low for the year so far, 6.14% set early in March. A year ago, the 30-year fixed mortgage rate was at 6.35%.

15-year fixed-rate mortgages had an interest rate of 5.86% this week, down from 5.90% last week. Last year at this time the 15-year fixed rate was 6.00%.

Five-year adjustable-rate mortgages dipped slightly to 5.88%, down from 5.91 a week earlier. One-year adjustable mortgages saw a rate increase to 5.43%, from 5.40 last week. A year ago, one-year adjustable-rate mortgages carried an interest of 5.51%.

Clearly interest rates are lower than a year ago this time, but at this point, rates on some mortgages are rising and others are falling. Sales of existing homes are rising, while new homes remain unsold and total inventories are up. Buyers are waiting to see what happens and it seems to me that no one knows what exactly to do on this market. Talk about conflicting signals.

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