Saturday, August 16, 2008

Mortgage rates edge higher but remain at historically low levels

Mortgage rates have edged higher in recent weeks, according to surveys administered by Freddie Mac.

As of August 14th, the average commitment rate for a 30 year fixed rate loan was 6.52%, up about six-tenths of a percent from rates in April. The average commitment rate for a 15 year fixed rate loan on August 14th was 6.07%, also up about six-tenths of a percent.


Rates still remain low by historical standards. Check out this graph which shows rates dating back to 1992.

Rates in the 1990s for 30 year fixed rate mortgages ranged between 6.5% and 8.5% before heading below 6% during the housing boom that ended in 2005. Since that time, rates have largely been below 6.5%. Not bad at all compared to where rates have been in the past.

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