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Interest Rates Up Slightly for the 2nd Straight Week
For the second straight week, we have seen an increase in the 30 year fixed rate but again in was a small one of only 4 basis points. It has been 6 weeks since we last saw back to back increases but certainly we are not seeing the volatility in the markets and rates seem to be “settling” in to a tighter trading range. As of this morning, the average overnight rate for a 30 year fixed rate sits at 4.84% up from the 4.80% we were at a week ago. Remember this is the average overnight rate and those with good credit will still be able to lock in rates below these averages.
 
The benchmark 15 year fixed rate also increased last week to 4.11% from 4.08% while the benchmark 5/1 adjustable rate mortgage moved slightly to the upside to 3.46% from 3.45% the previous week. 
 
Recently, a “hot” stock market has many investors excited and we have seen some move investments out of bonds, which tend to be more conservative. If this trend continues we may see demand for bonds fall, which have a direct impact on interest rates, and yields rise meaning upward pressure on rates. ... more

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