It strains affordability and if mortgageJanuary 24th, 2009
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And with the Federal Reserve increasingly concerned about inflation, interest rates, including those for home loans, could rise still higher in coming months. Read more.. For publication consideration in the newspaper, send comments to lettersusatoday. com. Save Dont attack other readers personally, and keep your language decent. He warns, though If it keeps going up, it would be devastating.
The average rate on 30year fixedrate mortgage edged up to 6. 45 last week, according to Freddie Mac, compared with 5. 48 in The experienced columnists and reporters at USA give you the news you need and advice you trust. Posted Updated Email Guidelines You share in the USA community, so please keep your comments smart and civil. Print With them going up to 6. 5, its like getting kicked when youre down. Higher rates are clearly negative for the housing market, says Michelle Meyer, an economist at Lehman Bros. Every youll weeks worth of USA TODAYs personal finance news and columns.
But with rates creeping back up, the wobbly real estate market could be losing one of its last pillars of support. It takes prospective buyers out of the marketplace, not to mention people who want to refinance, since the benefit of refinancing ceases to exist if they cant lower rate. Mortgage application figures seem to bear that out For the week ended 20, there were 9. 3 fewer applications on seasonally adjusted basis than there were week earlier, the Mortgage Bankers Association reported last week.
It takes prospective buyers out of the marketplace, not to mention people who want to refinance, since the benefit of refinancing ceases to exist if they cant lower rate. Mortgage application figures seem to bear that out For the week ended 20, there were 9. 3 fewer applications on seasonally adjusted basis than there were week earlier, the Mortgage Bankers Association reported last week. And with the Federal Reserve increasingly concerned about inflation, interest rates, including those for home loans, could rise still higher in coming months.
Save Historically, he notes, even 7 is relatively low rate. Scott Lanoff of American Success Mortgage in New York says he expects the average 30year fixed rate to top out at about 6. 75. Every youll weeks worth of USA TODAYs personal finance news and columns. The average rate on 30year fixedrate mortgage edged up to 6. 45 last week, according to Freddie Mac, compared with 5. 48 in For publication consideration in the newspaper, send comments to lettersusatoday. com.