According to Freddie Macs Primary Mortgage Market Survey, mortgage rates were essentially unchanged last week, and have varied very little over the past two weeks, which is pretty surprising in light of the uncertainty that looms over the markets as a result of the American and European debt problems.

The average rate on a 30-year fixed rate mortgage rose from 4.52% to 4.55%.  15-year fixed rate mortgages were unchanged at 3.66%.  5/1 ARMs fell by two basis points, to 3.25%m while 1-year ARMs fell 2 basis points to 2.95%.

Again, it is somewhat surprising that there has been so little change in rates given the potential turmoil that could arise from further debt contagion in Europe or a failure to raise the debt ceiling in the United States prior to the August 2nd deadline.

In any case, mortgage rates are still extremely low, and if you can qualify for financing, homes are more affordable than they have been for several years.  For more information on mortgage rates from Total Mortgage, call us today at 877-868-2503.

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