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Mortgage Rates Update > 2/22/2013

Mortgage Rates inched slightly higher today in spite of small improvements in the mortgage bonds that drive them.  The average mortgage interest rates continued to bounce around in a narrow range this week with 30 Year FRM rates closing out the week at around 3.65% and 15 YR FRM rates ending at a slightly higher 2.95%.

Other mortgage products also remained near recent levels with FHA 30 Year Fixed Rates at a still very low 3.35%, Jumbo 30 Year Rates around 3.85% and 5/1 ARM Rates around 3.05%.

Near term economic risks may continue to place downward pressure on mortgage bonds and will create conditions for rates to rise over the next few weeks.  Beyond that, it is possible that the market shows improvement  over mortgage rates today depending on the effects on sequestration and recession fears.

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