U.S. mortgage rate breaks downward cycle

U.S. mortgage rate breaks downward cycle

Breaking a five-week streak of declines, the 30-year fixed-rate mortgage average rose to 4.81 per cent, according to Freddie Mac's weekly survey of U.S. mortgage rates.

The previous week was at 4.71 per cent, although the rate was still well below a year ago when it was 5.47 per cent.

The 15-year fixed-rate was also up, at 4.32 per cent from 4.27 per cent the week before.

Freddie Mac suggested the upward shift related to the latest strong employment figures.

1 Comments
  • Dan P 2009-12-16 1:50:29 AM
    Isn’t it ironic that, in one Broker News article, the FDIC is conducting close to record high bank foreclosures while, in a separate article, Freddie Mac is speculating that increases in mortgage rates are due to stronger employment figures. What is wrong with this picture? No wonder the U. S. consumer is cautious and confused.
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