Another rise in interest rates!
At nearly a 4 year high, mortgage interest rates reflect the state of the economy. "The last time the 30-year fixed was higher was the week of June 26, 2002, when the benchmark rate weighed in at 6.57 percent. About a year after that, it bottomed out at 5.28 percent. It then took almost three years for the 30-year fixed to regain that one-year plunge," according to Bankrate.com.
As many have predicted, interest rates on loans are going up, and up. Will we see 7% soon?
"The benchmark 30-year fixed-rate mortgage rose 5 basis points to 6.56 percent...One year ago, the mortgage index was 5.95 percent; four weeks ago, it was 6.43 percent," reports Bankrate.com.
To read more: Bankrate.com 4-13-06 interest rate report