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Average Mortgage Interest Rates Little Changed This Week says Freddie Mac
Today, 3/10/11,  Freddie Mac reported that the average mortgage interest rate for 30 year fixed-rate mortgages was 4.88% (4.85% in the southeast), up from 4.87% a week ago. The average interest rate for 15 year fixed-rate mortgages was 4.15%, unchanged from 4.15% last week. A year ago the 30 year rate was 4.95%. Not much movement at all and very little effect on monthly payments. 
Some of you may have heard that the latest unemployment figures were promising and this helped mortgage rates stay more-or-less unmoved from last week's figures. 222.000 jobs were created by the private sector in the USA and thatis the most since March of 2006. The official unemployment number was 8.9%. As low as it has been since April of 2009. On a side note, many foreign countries would kill to have a number that low!
Interest rates on 30 year fixed-rate mortgages have been at or below the 5% level for every week of 2011 except for one. Not bad! The National Association of REALTORS reported that the affordability index of housing was an all-time high during this past January. This due to lower home prices and low mortgage interest rates. Lots of bargains being grabbed up for sure.
Freddie Mac ... more

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