Mortgage Rates steady last week

Freddie Mac’s weekly report (PMMS) on conforming mortgage interest rates from last week shows that rates remained “level” with the 30 year fixed at 4.55% priced with points.

Mortgage rates are up about a half point from one year ago. In my opinion, barring any market impacting world catastrophes, we will probably continue to see mortgage rates return to “normal”. The rates we have experienced since the mortgage meltdown have been manipulated by the Fed and kept at artificial lows. A historically “normal” rate range would be around 6% (or higher) for a 30 year fixed conforming rate.

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