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Mortgage Rates Update > 3/21/2013

After spending the entire week at the same levels as last week, average mortgage rates rose slightly after yesterday’s statement by the Federal Reserve, though any weakness in the mortgage backed securities marketplace may not have been directly related.  Overall, the movement was unusually small for after an announcement of this kind and it looks like current mortgage rates will finish the week near the same levels.

Again for this week, average 30-year fixed mortgage rates held steady around 3.65% and average 15-year fixed mortgage rates remained around 2.8%.  Due to the larger increase in rates several weeks ago, new mortgage application fell again this week on lower refinance demand.  The average best mortgage rates for a 5/1 ARM ended around 2.8% for the week.

Looking forward for home mortgage rates, there will be a large amount of economic data released today that could cause ripples as well as other news from the banking crisis unfolding in Europe.

 

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