Long-term mortgage rates rise in week

July 7, 2011 at 12:23 PM

WASHINGTON, July 7 (UPI) -- Long-term mortgage rates rose in the week ending July 7, the U.S. Federal Home Loan Mortgage Corp. said Thursday.

Average interest rates for 15-year loans rose from 3.69 percent to 3.75 percent with 0.7 points while 30-year mortgages rose from 4.51 percent to 4.6 percent with 0.7 points, Freddie Mac said.

Rates for 15-year, fixed-rate mortgages a year ago stood at 4.07 percent. Rates for 30-year mortgages a year ago averaged 4.57 percent.

"Mortgage rates followed Treasury yields higher over the holiday week but remain quite affordable by historical standards," said Frank Nothaft, Freddie Mac's vice president and chief economist in a statement.

"For instance, interest rates on all mortgages outstanding in the first quarter of this year averaged just under 6 percent. With today's rates, these homeowners who have the ability to refinance could shave $169 per month in interest payments on a $200,000, 30-year fixed mortgage," he said.

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