Freddie Mac says the 30-year fixed mortgage rate climbed to 5.12% during the week ended January 22 from 4.96% the prior week, marking the first increase in 11 weeks.
The 15-year fixed mortgage rate climbed as well, reaching 4.8% from 4.65% over the same period. While the one-year adjustable mortgage rate rose to 4.92% from 4.89%, the five-year ARM slipped to 5.24% from 5.25%.
Despite this week’s move higher, industry experts predict that Nashville mortgage rates will hit rock bottom by the end of February to early March 2009. Investors should be keyed to purchase Nashville real estate very soon.