Responding to action in the bond market, lenders have pushed up interest rates on many types of loans, including the 30-year fixed variety that's favored by so many borrowers.The rising interest rates are just another hit to the already declining housing market
"Fixed mortgage rates have risen by more than half a percentage point in the last month," said Greg McBride, senior financial analyst at rate-tracker Bankrate.com.
For a person seeking a $300,000 fixed mortgage, a half-point hike adds about $100 to the monthly payment. (AZCentral June 17th)
Sunday, June 17, 2007
Interest Rates for Mortgages Rise Signifcantly
Interest rates on mortgages are up sharply in the past month. Other things being equal as interest rates rise prices will fall. Higher interest lowers what potential buyer's can afford to pay.
Posted by David at 2:00 AM