14 – 20 June 2009 Interest Rate Information Milwaukee Area

Source: Real Estate Section Milwaukee Journal Sentinel 14 June 2009

Mortgage rates jump, slowing refinancing

Rates for 30-year home loans jumped to the highest level in seven months this week, leading to a slowdown in refinancing activity, Freddie Mac said.  The average rate for a 30-year fixed mortgage was 5.59% last week, up from 5.29% the previous week, Freddie Mac said.  The last time the average 30-year fixed-rate mortgage was higher was the week ended Nov. 26 of last year, when it averaged 5.97%.  The average rate on a 15-year fixed-rate mortgage rose to 5.06%, up from 4.79%, according to Freddie Mac.  Rates on five-year, adjustable rate mortgages averaged 5.17% up from 4.85%  Milwaukee-area borrowers generally prefer not to pay upfront points and are offered slightly higher interest rates as a result.