30 Year Fixed Mortgage Rate Average Rise, Official From Freddie Mac

Thursday, January 22, 2009, After fell for 11^th week in a row, Freddie Mac said that the 30-year fixed mortgage rate average bounced back from record lows along with bond yields. The 30-year fixed-rate mortgage averaged 5.12% with an average 0.7 point for the week ending Jan. 22, up from last week when it averaged 4.96%.

Last year, the average was 5.48%. “Fixed-rate mortgages followed bond yields and edged up this holiday week,” said Frank Nothaft, Freddie Mac chief economist, in a statement. “But, over the first three weeks of 2009, 30-year fixed-rate mortgages averaged 0.25 percentage points below its monthly average for December 2007. As a result, the number of mortgage applications for refinancing was roughly about 86% of all conventional loans over the same time period.”

Will the 30 year fixed mortgage rate rise next week?

Is it the right time to buy a home and take mortgage or refinance ?

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Tags: 30 year fixed mortgage rate, conventional loans, Financial News, Freddie Mac, mortgage, mortgage applications, refinancing