Mortgages To Stay Below 6.25% For 2005

Interest rates on mortgages continue to rise according to data from Freddie Mac, but are expected to remain at record low levels for the remainder of 2005.

The rate for a 30 year mortgage was 5.85% for the week ending March 10, 2005, but Freddie Mac spokesperson Amy Crews Cutts remained positive. "Even with rising mortgage rates over the last four weeks, 30-year fixed-rate mortgage rates remain an historical bargain," she said. "To date, contract rates for these mortgages have been below 6 percent for 31 weeks in a row, and we don't expect these rates will rise very much above 6-1/4 percent by year-end.

posted by Consumer Help Web Editorial Team at 5:32 PM |