Mortgage Rates On The Rise

By: Associated Press
By: Associated Press

The average rate on 30-year fixed mortgages rose this week to the highest level in seven months, reflecting higher yields on long-term Treasurys.
Freddie Mac says the rate increased to 4.86 percent from 4.81 percent in the previous week. It hit a 40-year low of 4.17 percent last month.
The average rate on the 15-year loan rose to 4.20 percent from 4.15 percent -- the highest reading in six months. It fell to 3.57 percent in November, the lowest level on records starting in 1991.
Rates have been rising since November as investors shift money out of Treasurys and into stocks. Many expect the tax-cut plan will fuel economic growth and increase inflation. Yields tend to rise on fears of inflation. Mortgage rates track the yields on the 10-year Treasury note.

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  • by Anonymous on Dec 30, 2010 at 03:05 PM
    Wasn't high interest rates part of the economy problem in the first place?????I forgot so many NEVER LEARN.GREED continues and will be the down fall of many.Homes aren't selling as it is.Jobs still aren't coming back fast enough.So lets discourage people from buying?LETS CAUSE ALL THE PROBLEMS WE CAN OVER AGAIN.They say MANY things are going up in price this year,soooooo hang on,many will be going with out!What happens when people just stop buying.We'd all be better off if we could just stop buying gas.They blame it on demand.I know a lot of people not going, so not buying.How many really believe Gas prices are something more than greed?
  • by sandi on Dec 30, 2010 at 01:32 PM
    what a brilliant idea, raise interest rates on homes that are sitting on the market forever. I can guarantee the we are going to run right out and buy a house at a higher rate of interest. That really stimulates the economy. Guess you need to be a Wall Street Banker to appreciate this.
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