Tuesday, February 10, 2009

Mortgage Rates Rise, Despite Fed's Efforts

Despite the Federal Reserve's campaign to lower mortgage rates, Freddie Mac reports a jump in the 30-year fixed rate to 5.25 percent in the week ended Feb. 5 from 5.10 percent the prior week.

Experts say home-loan interest is on the rise because long-term Treasury bond yields have climbed and because mortgage lenders are upping rates to ease the flood of refinancing applications.

Source: The Los Angeles Times, Tom Petruno (02/06/09)

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