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US Mortgage Rates Soar To Highest Level Since June

US mortgage rates have hit their highest levels in nearly 6 months as the rising costs of governemnt borrowing challenges the shaky US housing marketing. The rate for the 30-year fixed rate mortgage averaged 4.61% this past week according to a government survey of Freddie Mac.  The rate last week hovered around 4.46% for the 30 year fixed mortgage.

Thirty year mortgage rates have bounced rapidly from a record low of 4.17% less than 30 days ago.  “Housing is going through a tough time right now, and rising mortage rates will not help this market in any way.  Plus, heading into the holidays and snow season in the Northeast, you could see a slow down in refinances and new home purchases.” added Curt Dalton, writer for the StockMarketSage website.

Many factors are being blamed for this spike in mortgage rates including the recent tax compromise by President Obama with Republicans in the Senate.  he compromise includes stimulus for the economy and could likely lead to higher budget deficits.

Short URL: http://newskf.com/?p=2909

Posted by R.Magnusson on Dec 10 2010. Filed under Featured News, Finance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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