Mortgage rates rise for second-straight week
Saturday, August 29th, 2009Author : Biz2Credit Advisor
National average on 30-year-fixed home loans now at 5.25 percent
Average mortgage rates on 30-year fixed home loans rose slightly this week to 5.29 from 5.22 percent last week, said MSNBC.com.
The 30-year mortgage rate hit a low of 4.78 percent earlier in the year but has climbed since. This year’s numbers are significantly better than last year at the same time when the 30-year rate averaged 6.52 percent. The average rate of 15-year and 5-year fixed mortgages also rose slightly last week.
Economists believe the housing market has stabilized but worry that even small credit rate increases could deter people from buying new homes.
This article was submitted by Katie Kapler, Director of Online Strategy for Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to katie.kapler@biz2credit.com.
Tags: 30-year mortgage, home loans, housing market, mortgage rates
