Thursday, July 13, 2006

Motgage Rates Down This Week

MORTAGE RATES DOWN SLIGHTLY THIS WEEK ON NEWS OF LOWER THAN EXPECTED JOB GROWTH.

Bad economic news helps to keep inflation low, which in turn eases the pressure on long term interest rates, including mortgages.

This week, the national average for the 30 year fixed rate mortgage is at 6.87 %, down from 6.9 1 % last week. The average 15 year fixed rate mortgage is at 6. 47 %, down from 6.5 4 % last week. The average 5/1 ARM is currently at 6.52 % , up from 6. 55 % . These average rates are determined by a weekly survey of the largest lenders and this weeks numbers include an average of .31 % in origination fees and points.

Information brought to you by Jason Weber, Mortgage Loan Officer at GMAC Mortgage on Scenic Hwy, Pensacola.

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