Freddie Mac reports an increase in the 30-year fixed mortgage rate to 5.07% during the week ended February 26 from 5.04% the prior week. The five-year adjustable-mortgage rate rose to 5.06% from 5.04% over the same period, while the one-year ARM eased up to 4.81% from 4.80%. However, the 15-year fixed mortgage rate held steady at 4.68%.
During this same period, the Tennessee jobless rate rose another 0.1% to reach a near record 6.4%. That being said, Nashville continues to buck this jobless trend with unemployment hovering around 4.4%. However, I do expect to see Tennessee’s unemployment rate touch 10% before it’s all said and done in 2009.