Mortgage Rates decided to rebound a little this week, but by no means is this any indication that they will continue to rise.
We have seen rates bump back up like this a few times in the past only to see them drop even more the following week.
| October 21, 2010 | 30-Yr FRM | 15-Yr FRM | 5/1-Yr ARM | 1-Yr ARM |
|---|---|---|---|---|
| Average Rates | 4.21 % | 3.64 % | 3.45 % | 3.30 % |
| Fees & Points | 0.8 | 0.7 | 0.6 | 0.7 |
Last week the 30 year was at 4.19%.
The 5/1 ARM has actually continued downward falling from 3.47% last week.
When will rates start heading back up?
It is hard to say when rates will head back up. With the election coming, the holidays and a new year we could see the economy start doing better.
Old article? Check out the Mortgage Rates here.