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Monday, January 25, 2010

Canadian Mortgage Broker News - U.S. mortgage rate breaks downward cycle

Canadian Mortgage Broker News - U.S. mortgage rate breaks downward cycle

U.S. mortgage rate breaks downward cycle


Breaking a five-week streak of declines, the 30-year fixed-rate mortgage average rose to 4.81 per cent, according to Freddie Mac's weekly survey of U.S. mortgage rates.

The previous week was at 4.71 per cent, although the rate was still well below a year ago when it was 5.47 per cent.

The 15-year fixed-rate was also up, at 4.32 per cent from 4.27 per cent the week before.

Freddie Mac suggested the upward shift related to the latest strong employment figures.