Mortgage Rates Rise

By:: MortgageLoan.com

Mortgage rates moved up slightly for the week, but still remain under 5%. The short holiday trading week and little economic reporting supported mortgage rates holding flat through most of the week. Mortgage rates still remain below 5%--a historically low level. This stability has increased housing demand and flooded lenders with requests for refinancing. According to the Mortgage Bankers association, the five consecutive weeks of sub-5% mortgage rates have increased mortgage purchase applications 22% and mortgage refinance applications 129%.

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National Rates

Loan Type	Today	+/-
30 yr fixed	3.80
15 yr fixed	3.10
5/1 ARM	2.73

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