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30-year mortgage rates rise sharply

Posted on 31 October 2008

From Businessweek.com: Rates on 30-year mortgages spiked this week as the tumult in financial markets continued to be felt in housing finance. Mortgage giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages averaged 6.46 percent this week, up from 6.04 percent last week.

The sharp increase pushed 30-year rates to the highest level since the week of Oct. 16. Rates on 30-year mortgages hit a high for the year of 6.63 percent in late July and then dropped to a seven-month low of 5.78 percent the week of Sept. 18….. Full Article: Source


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