mortgage after 5 years

mortgage rates have been slightly this week for the first time in five weeks. Freddie Mac reports that the average interest rate on 30-year fixed mortgages fell to a national average of 6.74% this week from the last week of the 6.79%.

Many economists are beginning to believe that the Federal Reserve will not raise interest rates. Housing sales have been strong for five years in a row, even with a decline by 7% this year, driven by higher mortgage rates pricing people out of the market.

Chief economist for Freddie Mac Frank Nothaft, said that a gradual rise in mortgage rates is likely this year, as long as the Fed not to rate. Financial markets expect the Fed only one more rate hike this year. This has helped slow the rise in mortgage rates.

"" This should mortgage rates relatively stable for the foreseeable future, "said Nothaft.

The average interest rate on a 15-year, fixed mortgage averaged 6.37% for the week, from 6.44% last week. The 15-year fixed is a popular choice for homeowners who refinance. Adjustable rate mortgages was also a decrease in the week. One year ARMS fell to 5.75% from 5.85% last week. The prices on the five-year hybrids were on an average of 6.33% for the week, from 6.39% the week before.

The reported prices do not include points. The 30-year mortgage with a national average in the amount of 0.6 points. The average fee for a 15-year was down 0.4 points. The five-year hybrid carried a fee of 0.5%, while the one-year ARM is a fee of 0.6 points.

Martin Lukac represents RateTake refinancing rate market. RateTake hit consumers with multiple lenders offering low prices. Do you have too much debt? Get assistance and debt relief you will be amazed at what we can do together.