08
Apr

30 Year Mortgage Rates At 8 Month High in US

Posted by Sara M. Varese

To compete for investor dollars and following bond yields, the 30-year U.S. Mortgage interest rates have risen, up to 5.21% from 4.87% a year earlier -  an 8 month high.

The higher interest rate along with the ending of government home purchase incentives will most likely result in an eventual decreased home purchases and refinances, however, in the present time, there is no denying the anxiousness for home buying after a declining housing market of 3 years: as buyers scramble to take advantage of the last home purchase credit, mortgage purchase applications and home sales are increasing, however, refinances have already seen an immediate decrease.

Experts predict that the raised interest rates will not have an overall effect on the economy and that interest rates will most likely stay under 6% through 2010.

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