RateAPY

Mortgage Rates Climbing Steadily

Posted by: RateAPY Bank Rates News
January 1st, 2010

The last Freddie Mac Primary Mortgage Market Survey of 2009 shows that mortgage rates have climbed steadily since hitting the low of the year a few weeks ago. On December 31, 2009, the average 30-year fixed conforming mortgage was 5.14% with 0.7% points. The average 15-year fixed conforming mortgage was 4.54% with 0.7% points.

Ending the Year Higher

The 30-year fixed mortgage rates started the 2009 year at 5.01% with 0.6% points and ended the year at 5.14% with 0.7% points. There were a lot of ups and down in between, but if you draw a point from January to December, the trend line would show an upward path. Good economic news and the end of some government stimulus programs are likely to cause mortgage rates to continue upward.

Consider Refinancing

Refinancing now while rates are still low is an excellent resolution for 2010, because rates are predicted to go up this year. Get a refinance quote today.