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Rates on 30-year mortgages jump to 11-week high

Shared by Jenkin7 on Fri May 30, 2008 5:02 am
30 year mortgage rates have been increased to 11 week high. It is the highest since mid-March of this year. On Thursday Freddie Mac reported that 30 year fixed rate mortgage has increased to 6.08 percent this week which was 5.98 percent last week. According to Freddie Mac survey most of the other types of mortgages rates have increased. 15 year FRM rose to 5.66 percent which was 5.55 last week.5 years ARM has increased to 5.62 percent up from 5.61 percent. Although rate on one year ARM has dropped a bit to 5.22 percent from 5.24 percent last week. Source: http://ap.google.com/article/ALeqM5iBKSZB3l69BiVRfJpIp5SSEKir3QD90VCUJ80

Community Members Opinion

Niicss
Niicss

Joined: 03 Oct 2005

Posts: 4770
Location: New Jersey

499.28 Dollars($)

Posted: Fri May 30, 2008 5:52 am Post subject:

It seems almost expectable to happen. Almost three months the rates were down. So it was bound to bounce back. _________________ Good is the Enemy of Great.

smckaybiz
s.mckaybiz

Joined: 24 Apr 2008

Community Expert
Posts: 195
Location: PA

10.64 Dollars($)

Posted: Sat May 31, 2008 11:37 am Post subject:

I think part of the problem here is that lenders expected a big increase in house buying due to the lowering of interest rates when if fact most people are trying to wait it out to see how low the rates will go. I definately don't think rates are going to be like they were right after 9/11(I hate to even bring it up.) I also think that if people were to start buying more homes and fixing up the run-down homes they already own we as consumers could help by turning around the housing markets and property values would stop decreasing like they've been. We can't just sit back and expect the government to bail us all out of this crises we find ourselves in. I just hate driving around and seeing things like brand new vehicles parked beside old beat up houses. Sure if you plan on living in your car I could understand this but most people live in homes that need so much work while they enjoy everything else that life has to offer. It's reality check time for a lot of people out there... _________________ Scott McKay FreeOnlineCreditGuide.com


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