September 8, 2006 4:58 AM
30-Year Mortgage Rate Rebounds
USA Today reports that the rate on 30-year fixed rate mortgage is creeping up after declining for six straight weeks.
From USA Today:
Rates on 30-year mortgages edged up slightly this week, after six consecutive weeks of declines.
Mortgage giant Freddie Mac said Thursday that 30-year, fixed-rate mortgages averaged 6.47%, from 6.44% last week.It was the first increase since July 20 when 30-year mortgages hit a four-year high of 6.80%. Since that time rates had been declining as investors became more convinced that a slowing economy would keep inflation in check and forestall any further interest rates increases by the Federal Reserve.
Rates on 30-year mortgages will likely fluctuate for the rest of the year in a narrow range of between 6.5% and 7%, predicted Freddie Mac chief economist Frank Nothaft.
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