Mortgage Rates Rise to 4.66% – Irvine Real Estate – Irvine Homes for Sale

by Robert Mack on December 9, 2010

in Buyers, Latest News

Mortgage rates rose again last week to their highest level since July.

The 30-year fixed-rate mortgage averaged 4.66% last week, up from 4.56% two weeks ago. That’s still below the year-to-date average of 4.74%, but it’s up from a low of 4.21% in October.

Rising rates are likely to further crimp refinance activity, which was down 1% for the week and down 8% from year-earlier levels.

But rising rates could encourage some fence-sitting buyers to close deals, and home-purchase mortgage applications jumped by nearly 2% last week, sending activity to its highest level since May.

Rates are closely tied to the 10-year Treasury, which has been on the rise over the past few weeks and jumped in recent days after the tax-cut compromise struck by the White House and congressional Republicans.

Current interest rates on the rise once again this week and are currently at 4.66% which is up from last week, and up even higher from the low this year in October at 4.21%. This may be a sign that we may see interest rates move up even higher this year, so are you waiting until they get to 5% before you buy, or are you looking to take advantage of them TODAY?

Posted on Irvine Orange County Real Estate Market News

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