30-Year Fixed Rates Rise Slightly Mortgage rates rose slightly in the latest week, with the average conforming 30-year fixed mortgage rate increasing to 6.74 percent. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.38 discount and origination points. The average 15-year fixed rate mortgage popular for refinancing rose to 6.27 percent, while the average jumbo 30-year fixed rate is now 7.68 percent. Adjustable mortgage rates were lower, with the average 1-year ARM dipping to 6.24 percent and the average 5/1 ARM down to 6.32 percent. Here’s another look at the latest figures:
30-year fixed: 6.74%, up from 6.70% last week (avg. points: 0.38)
15-year fixed: 6.27%, up from 6.22% last week (avg. points: 0.47)
5/1 ARM: 6.32%, down from 6.35% last week (avg. points: 0.45)
Values in SL County have been holding steady since the mighty decrease that we've seen in the last year. I would estimate that the average home value in Salt Lake County decreased by over 10% in the last year. Some areas took a hard shot to the you know where.
Our month supply is still over 10 months, meaning values won't go up until we get back down to that safe 6-8 month supply range.
Meanwhile, the Utes prepare to smash Michigan...
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