Freddie Mac reported Friday afternoon that average mortgage rates spiked to 6.48%, up from 5.94% just a week earlier. The jump is similar to the record breaking weekly increase since April 1987, when the 30 year mortgage rate rose .84%.
Translation to a borrower: A borrower with a $200,000 mortgage would pay about $1,191 at 5.94%, and $70 more, $1,261 at 6.48%.
Many experts are expecting mortgage rates to rise to around 7% in the next 6 months, and then go back down again. Mortgage rates tend to follow the 10 year Treasury bond, which is currently yields around 4%, up from 3.5% last week.
Setting the Sales Price | Free Home Valuation | Meet Steve Loraus | Contact Steve | For Sellers | Minneapolis Area Buyers | What's Your Home Worth | Minneapolis Area Sellers | Have an ARM? | Short Sale MN | Closing Costs | First Time Buyers | Get Pre-qualified | Home Buyer Checklist | For Buyers | Selling Your Home | Featured Listings | Home | Applying for a Loan | Locking in Rates | Neighborhood Prices | What's Earnest Money? | Home Appreciation | Free Market Analysis | Daily Rate Lock Advisory | My Blog | Foreclosure Listings
Copyright © 2012 Twin Cities Real Estate GroupPortions Copyright © 2012 a la mode, inc.Another XSite by a la mode, inc. | Terms of Use| Site MapAll rate, payment, and area information are estimates and approximations only.
