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Mortgage Rates Update > 6/1/2013

Graph of 30-Year Conventional Mortgage Rate

Mortgage Rates are sharply higher as concerns mount in the MBS market about the FED’s exit.  In anticipation of this pending exit rates moved higher at the fastest rate in years.  30 year fixed mortgage rates ended the week up sharply to 3.95%.  15 Year fixed mortgage rates also increased substantially to 3.05%.

Average mortgage rates for adjustable programs did not reflect these same increases, however, making them more attractive to home buyers.  5/1 ARM Rates remained nearly unchanged for the week and in some instances actually decreased, with average ARM rates remaining in the 2.6% range.

Current mortgage rates are predicted to continue to increase as the FED mulls their exit strategy.  Stay tuned to RatesGuide for the latest mortgage rates update information.

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