Mortgage interest rates rose again last week – Irvine Real Estate – Irvine Homes for Sale

by Robert Mack on December 17, 2010

in Buyers, Latest News

Mortgage interest rates continue to climb, as worries about inflation permeate the market, according to Freddie Mac.

The government-sponsored enterprise said its primary mortgage market survey showed the average rate for a 30-year, fixed mortgage rose to 4.83% for the week ending Thursday from 4.61% a week earlier. The rate is now at the highest level since May. The average rate for a 15-year, fixed mortgage increased to 4.17% from 3.96% the prior week, according to the Freddie Mac survey.

“Market concerns over stronger economic growth that, in the near term, could lead to an increase in  inflation have sparked a rise in bond yields and mortgage rates have followed,” according to Freddie Mac chief economist Frank Nothaft.

via housingwire.com for the complete article

Interest rates are definately climbing and for some it may mean the difference between being able to afford to buy a home or not being able to afford to buy! Interest rates have a long term monthly affect, and as it goes up, it becomes difficult for some buyers to qualify if they are already maxed out! Don’t let the interest rate push you out of buying a home!

Posted on Irvine Orange County Real Estate Market News

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