Mortgage rates hit 8-month high.

Shared by Niicss on Mon Jun 16, 2008 6:06 am
30 year mortgage rates have increased to the highest level in the last eight months. Freddie Mae has reported on Thursday that the rates of 30 year fixed rate mortgage have been 6.32 percent whereas it was 6.09 percent last week. In the week of October 2007 it was 6.33. So it has reached the highest level in the last 8 months. Analysts ascribes that this big changes are being done by Federal Reserve to cope with inflation. Source: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/06/14/RELK1188E6.DTL

Community Members Opinion

Jessica
Jessica

Joined: 08 Jun 2004

Community Mentor
Posts: 693
Location: OHIO

123.89 Dollars($)

Posted: Mon Jun 16, 2008 6:31 am Post subject:

Yes, rates are on a high but this hasn't stopped mortagge and refinance applications from getting higher from the previous weeks. Home prices are down in certain places such as Florida, California. But with rates going up, the home affordability factor is likely to reduce further. Regards, Jessica. _________________ Home buying made simple with Community booklet


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