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Thursday, July 7, 2011

Rate on 30-year fixed mortgage rises to 4.60 pct.

WASHINGTON (AP) -- Fixed mortgage rates rose this week by the most in four months.
Freddie Mac says the average rate on the 30-year loan increased to 4.60 percent, up from 4.51 percent a week ago. It hit its lowest level of the year three weeks ago, at 4.49 percent.
The average rate on the 15-year fixed mortgage, a popular refinancing option, rose to 3.75 percent. It reached its low point of the year two weeks ago, at 3.67 percent.
Rates typically track the yield on the 10-year Treasury note, which has been rising. And mortgage rates could rise further now that the Federal Reserve's $600 billion bond buying program has ended.
Low mortgage rates and plummeting home prices have done little to boost the troubled housing market
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