Mortgage rates rose for the ninth week in a row after bond investors were scared over evidence that wage earners are making more money.
The benchmark 30-year, fixed-rate mortgage rose 5 basis points to 6.42 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey had an average total of 0.32 discount and origination points. One year ago, the mortgage index was 5.76 percent. Four weeks ago it was 6.1 percent.
The benchmark 15-year, fixed-rate mortgage rose 5 basis points, to 5.96 percent. The benchmark 5/1 adjustable-rate mortgage rose 4 basis points, to 5.94 percent.
The 30-year fixed rate hasn't been this high since Sept. 23, 2003, when it was 6.47 percent.
Bubble Meter is a national housing bubble blog dedicated to tracking the continuing decline of the housing bubble throughout the USA. It is a long and slow decline. Housing prices were simply unsustainable. National housing bubble coverage. Please join in the discussion.
No comments:
Post a Comment