30-Year Mortgage Rates Inch Up...with emphasis on the word "inch". They are still incredibly low.
Freddie Mac confirms that average interest for 30-year fixed mortgages rose for the third consecutive week, bumping up to 4.24 percent from 4.23 percent a week ago.
The average 15-year rate for the week ended Nov. 4 was 3.63 percent, a drop from 3.66 percent.
Scott Brown, chief economist at Raymond James & Associates Inc., says this week's Federal Reserve actions "aren't going to change the economy right away, but they should help keep mortgage rates low for quite some time."
Source: St. Louis Post-Dispatch (11/05/10)
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