Rate Update
Today's Interest Rates: 30 Year fixed 4.125% (4.291% APR) 15 Year Fixed 3.250% (3.560% APR) 5 Year ARM 2.375% (2.541% APR) 30 Year Jumbo 4.250% (4.375% APR)
Interest rates continue to plunge, once again nearing record lows on average nationally. As a result, last week mortgage applications rose 7.8% for refinance, and 5.2% for purchase. Unfortunately, analysts do not see the increased activity as a harbinger for housing market recovery. 1) These numbers are still historically weak. 2) The issue is not the price of credit, rather high unemployment, tight credit, and distressed mortgage holders coupled with a weakening economy keep the housing market struggling.
