30-Year Mortgage Rates Rise to 6.30%
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Saturday, February 17, 2007
Rates on 30-year mortgages rose slightly this week, reversing last week's brief decline.
Mortgage giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages averaged 6.30 percent this week, up from 6.28 percent last week. Last week had been the first decline in rates since early December.
The small rebound this week came as Federal Reserve Chairman Ben S. Bernanke was telling Congress he believed the economy would continue growing at a moderate pace this year and next with inflation pressures continuing to ease.
"Mortgage rates exhibited little change in the past week . . . as there was little new information that would cause any great change," said Frank Nothaft, chief economist for Freddie Mac.
He said financial markets could have more of a reaction to upcoming reports on inflation and housing construction.
Many analysts think that 30-year mortgages will remain in a narrow band between 6.3 percent and 6.5 percent for the rest of this year with the Fed expected to keep interest rates unchanged for much of that time.
The Freddie Mac survey showed that other types of mortgage rates also rose slightly this week.
Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing, edged up to 6.03 percent, compared to 6.02 percent last week.
Five-year adjustable-rate mortgages rose to 6.01 percent from 5.99 percent last week.
One-year ARMs rose to 5.52 percent from 5.49 percent last week.
The mortgage rates do not include add-on fees known as points. Thirty-year and 15-year mortgages each carried a nationwide average fee of 0.4 point.
Five-year mortgages carried an average fee of 0.5 point while one-year mortgages carried a fee of 0.6 point.
A year ago, rates on 30-year mortgages stood at 6.28 percent while 15-year mortgages were at 5.91 percent, five-year adjustable-rate mortgages averaged 5.95 percent and one-year ARMs were at 5.36 percent.
HOME SHOWS. . . The Capital Home & Garden Show will be held Feb. 22-25 at the Dulles Expo Center, 4368 Chantilly Shopping Center, Chantilly. Admission is $10 for adults, $3 for children ages 6-12 and free for children 5 and under. For details, see www.capitalhomeshow.com.
The Howard Live! Luxury Home Show will be held Feb. 24-25 at the Turf Valley Resort, 2700 Turf Valley Rd., Ellicott City. Admission is $12 per person. For details, see /www.howardlivehomeshow.com.
PERSONNEL. . . . Merchandise Mart Properties has promoted Edward J. Collins to vice president and general manager of the Washington Design Center and the Federal Center Southwest office building. He will be responsible for all building support for the 60 design showrooms and office tenants housed at the complex in Southwest Washington.
Send realty announcements by e-mail torealestate@washpost.com.
