TOM PLANT'S HOUSTON REAL ESTATE BLOG

BLOGGER’S NOTE: Although this article from the Sun-Times reports nationally that mortgage rates were just over 5% last week, my experience in Houston is that Buyer’s were getting 4.875% for 30 year fixed conventional loans. There is little doubt, however that rates will be increasing.

Long-term mortgage rates climbed above 5 percent this week. According to Freddie Mac, 30-year fixed loans averaged 5.01 percent compared to 4.98 percent last week.

Here are the across-the-board averages for other mortgages:

15-year fixed loans rose to 4.40 percent from 4.39 percent
Five-year adjustable-rate mortgages climbed to 4.27 percent from 4.25 percent.
One-year ARMs fell to 4.22 percent from 4.29 percent a week ago.

Source: Chicago Sun-Times, Francine Knowles (02/05/10)

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