21 – 27 June 2009 Interest Rate Information Milwaukee Area

Source: Real Estate Section Milwaukee Journal Sentinel 21 June 2009

Rates for 30-year loans fall after 7-month high

Washington- Rates for 30-year home loans fell back last week after soaring to the highest level in seven months a week earlier.  The average rate for a 30-year fixed mortgage was 5.38%, down from 5.59% a week earlier, mortgage company Freddie Mac said.  Rates had risen for three consecutive weeks after yields on long term government debt had been climbing as investors worried that the huge surplus of government debt hitting the market could trigger inflation.  The average rate on a 15-year fixed-rate mortgage fell to 4.89% down from 5.06% last week, according to Freddie Mac.  The rates do not include add-on fees known as points.  The nationwide fee averaged 0.7 point last week for 30-year and 15-year mortgages.  Borrowers in the Milwaukee market generally prefer not to pay up front points and as a result receive somewhat higher interest rates.