Nashville Real Estate
Blog, Featured, Mortgage Rates

Mortgage Interest Rates Move Higher

December 14, 2009 by · 5 Comments 

Mortgage interest rates on 30-year fixed mortgages rose to 4.81 percent last week, after the prior week’s fall to a record low of 4.71 percent, reports Freddie Mac.

While the Federal Reserve’s effort to purchase $1.25 trillion in mortgage-backed securities issued by Fannie, Freddie, and Ginnie Mae has helped keep rates attractive, Freddie Mac chief economist Frank Nothaft says interest rates rose because a favorable unemployment report pushed long-term bond yields up slightly.

With the Fed program projected to end in March, the Mortgage Bankers Association forecast in October that 30-year fixed mortgages will rise to 5.4 percent next year, increase to 6 percent in 2011, and hit 6.3 percent in 2012. Clearly, this would be a great time to refinance your mortgage, if your lender will let you.

mortgage interest rates projections

Related posts:

  1. Nashville Mortgage Rates Begin to Rise
  2. Nashville Mortgage Rates Move Lower
  3. Nashville Interest Rates Move Higher
  4. Nashville Interest Rates Move Higher
  5. Nashville Area Mortgage Rates Jump Higher

Tagged: , ,