I'm posting the current mortgage rates as of today 8/19/2013 according to Wells Fargo. As my research indicates, short term interest rates remain low and long-term rates are not quite as low as they've been. The difference between short term and long term interest rates are based on two different systems that determine the rates. Short-term rates are largely determined by the Federal Reserve, and long-term rates are market driven. The average interest rate for long-term debt is the result of global demand for credit compared to global supply of savings. In other words, demand for credit goes up and the saving rate tends to fall, interest rates rise.
As of 08/19/2013 07:00 AM Eastern
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Product
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||
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30-Year Fixed
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4.750%
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4.926%
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30-Year Fixed FHA
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4.625%
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6.145%
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15-Year Fixed
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3.750%
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4.047%
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5-Year ARM
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3.375%
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3.208%
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5-Year ARM FHA
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3.750%
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4.132%
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30-Year Fixed
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4.750%
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4.881%
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30-Year Fixed FHA
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4.750%
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6.223%
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5-Year ARM
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3.500%
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3.212%
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30-Year Fixed
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4.500%
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4.615%
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5-Year ARM
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3.000%
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3.023%
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Home-values in the Phoenix Valley and surrounding cities like Surprise, Mesa, Happy Valley and Peoria should see a steady increase. Home-values and demand for homes on the market will impact the interest rates of mortgages. As the people began to borrow money to buy homes again, the demand for that credit will eventually increase and the interest will rates.
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