U.S. mortgage rates rise in week

Published: Oct. 30, 2008 at 11:05 AM
Related Company

WASHINGTON, Oct. 30 (UPI) -- Interest rates for 30-year, fixed-rate U.S. mortgages increased in the week ending Oct. 30, the Federal Home Loan Mortgage Corp. said Thursday.

The 30-year, fixed-rate mortgage averaged 6.46 percent with an average 0.7 points in the week, Freddie Mac said. A week ago, 30-year, fixed-rate mortgages averaged 6.04 percent. while a year ago they averaged 6.26 percent.

At 6.19 percent with an average 0.7 points, the 15-year, fixed-rate average also increased climbing from the previous week's average of 5.72 percent. A year ago, 15-year fixed-rate mortgages averaged 5.91 percent, the report said.

"Long-term mortgage rates followed long-term Treasury bond yields higher this week, pushing fixed-rate mortgages up to levels of two weeks ago," said Frank Nothaft, Freddie Mac vice president and chief economist.

"House-price declines in many markets have improved housing affordability and stimulated home sales," he said. "

In September, sales of existing homes rose 5.5 percent while sales of new homes were up 2.7 percent," Nothaft noted.

© 2008 United Press International, Inc. All Rights Reserved.
Order reprints



Additional News Stories
When flu should trigger a school shutdown (48 min)
NBA: LA Lakers 104, New Orleans 88 (56 min)
NFL: Dallas 20, Philadelphia 16
NBA: Sacramento 120, Golden State 107
Poll: Many can't get H1N1 vaccine
China complains of protectionism
NBA: Portland 116, Minnesota 93
fark
When searching for your dog, always look under car first before reaching underneath. That shadow...
State Senator forgets he's supposed to make drugs sound bad, not cool; describes Oxycontin as "a...
After her husband gets locked up for dealing meth, pissed-off wife goes undercover, takes down major...
Afghans replace opium poppies with bumper wheat crop, gluten intolerance grips nation
Investigative journalism class frees 11 innocent people from prison. So the prosecutor subpoenas...
Photoshop theme: Elderly superheros or supervillains