Real Estate Mortgage Rates Increasing Again

Mortgage rates jumped a little bit yesterday according to CNN Money. As if we needed something else to add to the cost of real estate in Myrtle Beach ... what with condo and home insurance rates being so bad.

The 30-year fixed rate mortgage rate averaged 6.34 percent for the week ended Feb. 1, up from 6.25 percent the previous week, according to Freddie Mac's (up $0.55 to $65.48, Charts) Primary Mortgage Market Survey released Thursday. Last year, the 30-year fixed mortgage rate stood at 6.23 percent. The 30-year fixed rate hasn't been higher since the week ended Oct. 26.

"Interest rates moved higher following the latest upbeat economic news," said Freddie Mac vice president Frank Nothaft in a statement. "The strong 3.5 percent annualized growth in the economy over the final quarter of 2006 occurred while inflation moderated."

The 15-year fixed rate averaged 6.06 percent, up from last week when it averaged 5.98 percent. A year ago, it averaged 5.81 percent.

The 15-year fixed rate also hasn't been higher since Oct. 26, when it was 6.10 percent.
The five-year adjustable rate mortgages averaged 6.04 percent, up from last week when it averaged 6.00 percent. A year ago, the 5-year averaged 5.87 percent.

One-year ARMs averaged 5.54 percent, up from 5.49 percent. Last year at this time, the 1 year ARM averaged 5.33 percent.

"The Fed indicated in its statement that there are some tentative signs of stabilization that have appeared in the housing market," Nothaft said.

"December's existing and new home sales confirmed that 2006 was a year of significant decline in housing activities, but 2006 was still in the top three years for total home sales, " he added.

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