Long-term mortgage rates saw very little change over the past week, according to Freddie Mac. The company said that interest on 30-year fixed loans came in at 6.06% compared to 6.03% for the previous week. Other rates registered a little downward movement, but not much, with the 15-year fixed mortgage averaging 5.59% compared to 5.62% a week earlier and the five-year hybrid adjustable rate floating up to 5.73% from 5.68% over the same period. The one-year ARM, meanwhile, held steady at 5.29%.
It does not appear that there is much mortgage rate relief in the immediate future. The bond rates are fluctuating, the New York Stock Exchange is unpredictable, and mortgage backed securities are not seeing the funding required to lower Nashville rates.
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