Mortgage Rates Continue To Register Minor Fluctuations

[Emily Smith]

Hi,

The average for 30-year fixed rate mortgage (FRM) shifted by a single basis point closing at 6.28%. The 5/1 ARM for the same period closed at 6.18%.On the economic front, growth is being sustained at average levels with inflation showing a gradual downward trend. End of the year sales was largely spurred by credit card debts. As piled up inventories are being slowly depleted, restocking them will increase business activity in the year ahead.

Though mortgage rates are not at the lowest, nearly 50% of all mortgage applications are for refinancing. With all economic factors poised for growth, even slight changes in the economy have the potential to push up mortgage rates further. Surveys indicate an increase in FRMs by at least 4-5 basis points in the coming week.

Thanks and Regards
Rob Thomos