Friday, June 15, 2007

Mortgage rates UP!

A new 11 month high in interest rates! Bankrate.com reports that "The average 30-year, fixed-rate mortgage has climbed more than half a percentage point in the last month. Such a spectacular rise has happened a few times in the last decade ... The benchmark 30-year fixed-rate mortgage rose 23 basis points, to 6.84 percent ... One year ago, the mortgage index was 6.71 percent; four weeks ago, it was 6.32 percent. In Bankrate's weekly survey, the 30-year rate hasn't been this high since July 19, 2006, when it was 6.89 percent."

Is it going to affect the home-buying public?

To read more: Bankrate.com