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Long term interest rates for home loans did not seem to get enough push from above or below to move significantly in either direction recently. Mortgage rates moved, but without consistent direction. As has been the recent trend however, 30 year fixed mortgage rates and 15 year fixed mortgage rates moved ever so slightly in an upward direction. The trend has been relatively flat-line over the last several months due to influencing pressures that push and pull on the rates over time. The stock market has been gaining strength over the last couple weeks as the stock market index composites generally move into the green, but climbing energy commodity prices and political unrest in other parts of the world place opposing forces on interest rate values. Generally, as stock index values move higher, interest rates and mortgage rate move higher. Also, as energy and commodity prices move higher, inflation potentials become greater around the world and again, interest rates and mortgage rates move higher. When the market index composites drop lower, so often do the long term rates. In the end, what we end up with is a general flat line regarding rates over time. According to recent statistics from Bankrate, the benchmark 30-year fixed mortgage rate rose 5 basis point this past week and posted a value of 5.02 percent. The benchmark 15 year fixed rate mortgage rose 1 basis point and posted a value of 4.29 percent. Freddie Mac reports that the 30 year fixed is at 4.80 percent and that the 15 year fixed is at 4.09 percent. These rates are average rates across our nation and can vary depending on location and situation. Author: Stephen Johnson
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