Mortgage rates up, up, up!
Well, it's happening. Mortgage rates are continuing their rise, as predicted. Average rates are now at an 18-month high.
Bankrate.com reports that for the week ending November 2, "The benchmark 30-year, fixed-rate mortgage rose 13 basis points to 6.37 percent...One year ago, the mortgage index was 5.72 percent, and four weeks ago it was 6.07 percent. In early September, before this eight-week streak began, the 30-year averaged 5.8 percent."
And, some perspective may help you ... "In Bankrate's mortgage surveys, the average rate on a 30-year fixed was 7.46 percent in 1999; 8.08 percent in 2000; 7.01 percent in 2001; and 6.55 percent in 2002. The annual average was below 6 percent in 2003 and 2004, and has been 5.85 percent so far this year..."
To read more: Mortgage interest rates