Releases Mortgage Rates Update - Interest Rates and Inflation

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The weekly mortgage rate report shows an increase in interest rates since last week. The weekly mortgage report analyzes the current rates for 30-year and 15 year fixed-rate mortgages, what's affecting interest rates and what's likely to impact mortgage rates in the coming days and weeks.

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The weekly mortgage rate report found that despite last week's lack of U.S. economic news there was a noticeable upward movement in mortgage interest rates. Historically interest rates are expected to inch up as the U.S. economy improves. The finalization of the Greek bailout also helped to make things a little more stable here. The increase wasn't huge but at 4 basis points it's the biggest change we've had in the last few weeks.

Current interest rates are:

         4.15% - average rate for a 30-year fixed rate mortgage
         3.38% - average rate for a 15-year fixed rate mortgage

This week numerous economic reports came out which could affect the rates in the week to come. Below is a summary of the most important economic news.

  •     Tuesday: February Retail Sales Report
  •     Tuesday: Fed Meeting
  •     Wednesday: Fed Chairman speech
  •     Thursday: Producer Price Index released
  •     Friday: Consumer Price Index released

The February Retail Sales report showed that consumers are starting to open up their wallets more. The 1.1% increase was the largest gain in retail sales in 5 months. Even though people are paying more in gas that didn't deter them from buying vehicles which really helped to boost the overall figures.

Prices rose 0.4% for finished goods in February as indicated by the Producer Price Index for the month. The Consumer Price Index also rose by 0.4%, this biggest increase in 10 months, largely due to the jump in gas prices. Despite the talk of increasing inflation, Wednesday Fed Chairman Ben Bernanke indicated that they wouldn't be changing their plan to keep base interest rates around 0% until 2014 nor would they take any extra actions to prompt economic stimulus. is forecasting that mortgage rates will likely move sideways or increase a basis point or two next week after the positive economic news.

To find more information on mortgage rates, new home listings or find licensed real estate agents in your area, please visit:

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