Relevant:
- U.S. Mortgage Rates for 30-Year Loans Rise to 2-Year High
- U.S. 30-Year Mortgage Rates Rise to a Six-Month High
- Mortgage Rates in U.S. Increase to Highest Since May, Freddie Mac Says
- Mortgage Rates in U.S. Decline as 30-Year Fixed Loans Available at 3.98%
- U.S. 30-Year Mortgage Rates Fall to Record Low
2009-06-04 — ml-implode.com
Fixed U.S. mortgage rates jumped to the highest level this year, signaling the Federal Reserve’s plan to lower borrowing costs has stalled.
The average 30-year rate rose to 5.29 from 4.91 percent a week earlier, Freddie Mac, the McLean, Virginia-based mortgage buyer, said today in a statement. The last time the rate was higher was Dec. 11, when it was 5.47 percent. The average 15- year rate rose to 4.79 percent from 4.53 percent.
“That’s quite a jump,†said Donald Rissmiller, chief economist at New York-based Strategas Research Partners. “The more rates go up, the more we need home prices to go down to equalize consumers’ payments. It’s those payments that have brought about a level of stability in housing unit sales.â€
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