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Thursday, October 28, 2010

Mortgage Rates increase this week

There has been some sell off in bond market that has increased the interest rates and therefore the mortgage rates.  Next week will be a big news week for mortgage/interest rates.
The benchmark 30-year fixed-rate mortgage rose 9 basis points this week, to 4.51 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey had an average total of 0.33 discount and origination points. One year ago, the mortgage index was 5.35 percent; four weeks ago, it was 4.5 percent.
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