Friday, March 10, 2006

Mortgage rates jump!

Mortgage interest rates have made their biggest jump in 22 months. Bankrate.com reports that as of March 8, "The benchmark 30-year fixed-rate mortgage rose 18 basis points to 6.45 percent. It was the biggest one-week rise since May 2004. It is also the highest rate since Sept. 3, 2003, when the 30-year fixed rate was 6.47 percent."

Bankrate.com cites anticipation that the the Feds will raise short-term interest rates when the Federal Reserve meets at the end of the month, plus other factors in Japan and the European Central Bank, headquartered in Frankfurt, Germany.

To read more: March 8 mortgage interest rate report

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