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Interest Rate Updates for Home Financing and Mortgage Refinance Rates
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April 2011
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Rates Rise Slightly for Refinancing and Home Buying

Home loan and mortgage refinance rates rose slightly last week and many lenders are hopeful that rates will see a positive bounce in the weeks to come. Interest rates rose slightly, with the average rate on 30-year fixed-rate mortgages climbing for a fourth straight week, according to Freddie Mac’s weekly survey of mortgage rates. The volume on cash out loans rose as well.

The 30-year fixed-rate loan averaged 4.91% in the week ended Thursday, up slightly from the prior week’s 4.87% but down from 5.07% a year earlier. Mortgage rates generally track U.S. bond yields, which move inversely to Treasury prices. Mortgage rates have climbed this year after slumping most of last year when prices rallied on economic uncertainty.

The FHA rates remain as low as conventional rates. The VA rates dipped below conventional rates this week on 30-year fixed rate terms.

15-year rates for fixed-rate home loans averaged 4.13% in the latest week, up from 4.1% in the previous week but down from 4.4% a year earlier.

Five-year Treasury-indexed hybrid adjustable-rate mortgages were 3.78%, up from the prior week’s 3.72% but down from 4.08% a year earlier. One-year Treasury-indexed ARMs were 3.25%, up from 3.22% but down from 4.13%, respectively.

To obtain the rates, the 15-year fixed-rate mortgages required payment of an average 0.7 point and the others required an average 0.6 point. A point is 1% of the mortgage amount, charged as prepaid interest



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