Mortgage rates increased slightly this week, after six straight weeks of declines.
According to Freddie Mac's weekly survey, the 30-year, fixed-rate mortgage averaged 6.47% for the week ending September 7, up slightly from 6.44% the week prior. One year ago, the 30-year averaged 5.71%.
Mortgage rates are expected to fluctuate in the upcoming months as new economic data is released, said Frank Nothaft, Freddie Mac vice president and cheif economist. He expects to see rates remain under the 7% range for the remainder of the year.
"Slowly rising mortgage rates are offset in part by a slowdown in house price appreciation, " Nothaft explained. “Consequently, higher rates have resulted in houses sitting on the market for longer periods of time, changing the real estate sector into more of a buyer's market from the seller's market of the last few years. "
The 15-year, fixed-rate averaged 6.16%, up from 6.14% the week prior. One year ago, the 15-year mortgage averaged 5.30%.
The five-year hybrid adjustable-rate mortgage averaged 6.14%, up slightly from 6.11%. The one-year adjustable-rate mortgage averaged 5.63%, up from 5.59% last week. One year ago, the hybrid averaged 5.24%, while the one-year averaged 4.45%.
The 30-year and the 15-year mortgages required an average 0.4 point fee. The five-year hybrid required 0.5 point, while the one-year ARM required an average 0.7 point.
Martin Lukac represents http://www.RateEmpire.com and http://www.1AmericanFinancial.com , a finance web-company specializing in real estate and mortgage rates. We specialize in daily updates, mortgage news, rate predictions, mortgage rates and more. Find low home loan mortgage interest rates from hundreds of mortgage companies!