Freddie Mac’s Primary Mortgage Market Survey showed the 30-year fixed-rate mortgage (FRM) averaging 6.09% with an average 0.7% for the week ending September 25, 2008, up from the prior week when it averaged 5.78%. Last year at this time, the 30-year FRM averaged 6.42%.
The 15-year FRM on Friday averaged 5.77% with an average 0.6 point, up from the previous week when it averaged 5.35%. A year ago at this time, the 15-year FRM averaged 6.09%.
“Mortgage rates followed Treasury bond yields higher this week amid market uncertainty over the current state of the economy,” said Frank Nothaft, Freddie Mac vice president and chief economist. “The latest housing information for the third quarter continues to show some softness in prices and sales activity.”
It is certainly our advice to wait on that refinance if possible. We expect that mortgage rates will be a half point lower by Spring of 2009. Cumberland Commercial reports that the commercial lending rate has more than doubled over the past 12 months.
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