Fixed Rate Mortgages Rise, Housing Market Suffers
(UNDATED) - The interest rate on 30 year fixed-rate mortgages has hit its highest level in a year.
The rate on the loan rose to 6.24% from 6.04% last week. The 15 year fixed rate mortgage also increased 8 basis points.
FC Tucker Mortgage President Ron McGwire says the main reason the rate is going up is simply that there is no market in buying mortgage backed securities these days.
McGwire adds the sub prime mortgage problems have scared off many people. He says people are now trying to get higher yields to attract investors.
McGwire says these rates hurt those trying to sell homes and for people trying to refinance, but he does feel in the long run, that each rate will get slightly better.
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