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Interest Rates Jump for the 1st Time in 3 Weeks
 
Interest rates jump for the first time in 3 weeks.
 
We began 2011 with a slight increase in the overnight rate on a 30 year fixed mortgage and until last week it had been all downhill. But, as of this morning, the average overnight rate for a 30 year fixed rate sits at 4.82% up for the 1st time in 3 weeks and the highest weekly overnight rate we have seen since January 9th. 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 4.09% from 4.06% while the benchmark 5/1 adjustable rate mortgage moved slightly to the upside to 3.44% from 3.43% the previous week. 
 
Most economists feel strongly that the Fed won’t be raising interest rates anytime soon and that is mainly due to the fact that while we are seeing some steady growth in the economy, unemployment has remained stubbornly high. It appears that most signs point to unemployment staying above 9% throughout much of the year.
 
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