Interest Rate Update

The following are excerpts from the weekly newsletter published by HSH Associates for the week ending May 30, 2008:

“Mortgage rates flared higher this week, adding a little additional stress to the nation’s already-struggling housing markets. Conforming 30-year fixed rates rose by 15 basis points, while jumbo 30-year FRMs jumped by some 19 basis points. The tug-of-war for influencing interest rates between recession and inflation concerns was won this week by inflation concerns. Still, the modestly stronger growth story from two months ago isn’t a reliable indicator of where we presently are, or especially where we’ll go from here. Economic prospects remain dice.  Inflation may have won the day this week, but the collective tenor of the reports from next week will probably be a weak one, sufficient to cap this week’s rise and keep rates pretty steady.”

NATIONAL AVERAGES       TODAY LAST WEEK
30 yr fixed mtg   6.02% 5.81%
15 yr fixed mtg   5.60% 5.39%
5/1 ARM   5.45% 5.26%
30 yr fixed jumbo mtg   7.21% 7.05%
5/1 jumbo ARM   6.23% 6.10%

Interest rates as of 5/30/08 per www.bankrate.com

About mmegowan

I am a realtor with Remax Estate Properties in Palos Verdes Estates. Visit my website at http://www.maureenmegowan.com
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