Mortgage Rates Rise Slightly But Opportunity Still There For Refinancing - Latest Survey Info

The latest figures from the weekly national survey conducted by Bankrate.com indicate that mortgage rates edged marginally higher this week, with the average rate on 30-year fixed mortgages currently being recorded at 4.46% and the average rate for 15-year fixed mortgages being recorded at 3.84%. Rates for Adjustable Rate Mortgages (ARMs) were also marginally higher this week, with the average rate for 5-year ARMs being recorded at 3.62% and the average rate for 7-year ARMs being recorded at 3.95%.

These marginal increases in average mortgage rates were recorded despite the recent announcement by the Federal Reserve, detailing plans for a stimulus package that is understood to be worth around US$600 billion. Some experts also attribute these slight increases in mortgage rates to the improved economic outlook created by the latest employment report, which painted a significantly better picture than had been predicted by some.

This latest report also highlighted the fact that despite these slight increases in mortgage rates, current mortgage rates are well below the 6% mark, which means that homeowners could still make substantial savings on their mortgage payments, if they were to refinance a loan taken prior to 2008, when mortgage rates were significantly higher than current levels.