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September 2013
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Home Loan Rates Rising

One of the things most consumers haven’t come to grips with is that interest rates in the United States are finally going up. According to Zillow, the fixed interest rates fixed for thirty-years jumped to 4.45% from 4.37% a week earlier. The real estate marketing company reported higher home loan interest rates for five of the last six weeks.  Erin Lantz, director of Zillow said, “Home mortgage rates were essentially unchanged last week because of mixed economic data and low trading levels associated with the shortened holiday work week.”  The report also indicated that the interest rate on home mortgages fixed for fifteen-years is presently at 3.41%, up from 3.34% a week earlier. The interest rate for a 5-1 variable-rate mortgage is 3.14%, above last week’s 3.12%. A 5-1 ARM offers an intro interest rate that works for the first five years of the amortization schedule and then has the potential to adjust each year. The most popular mortgage products remain the government, Fannie Mae and Freddie Mac loan programs.

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