Concerns about inflation pushed the 30-year fixed mortgage rate to 6.71 percent this week from 6.63 percent last week, to what Freddie Mac says is the highest level seen since May 2002.I do not expect interest rates on 30 year fixed rates to go above 7.25% this year.
The 15-year fixed mortgage rate rose as well, climbing to 6.36 percent from 6.25 percent over the same time span. The one-year adjustable mortgage rate edged up to 5.75 percent from 5.66 percent; and the five-year hybrid ARM surged to 6.32 percent from 6.23 percent.
Friday, June 23, 2006
Interest Rates Continue to Rise
Interest rates continue to rise on mortgages. Rates are likely to increase over the coming months.
Posted by David at 10:36 PM