Mortgage Rates are Up

Mortgage rates are again edging up according to the Freddie Mac survey. Rates for 30 and 15 year fixed loans hit the highest point since May during the first week of July. The 30 year fixed rate rose from 4.51% to 4.60% according to the Freddie Mac survey, while the 15 year fixed mortgage increased from 3.75% to 4.07%.

With the average existing mortgage at 6% the average homeowner with a $200,000 mortgage should be able to save $169/month by refinancing to a 30 year fixed mortgage.

The combination of higher interest rates and lower sales volume is having a chilling effect on the housing market.