Mortgage Rates Soar from 6.24 to 6.37 Percent For 30 Year Mortgage
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Rates soared to levels not seen in 18 months this week as the 30 year mortgage rose to 6.37 percent. The raise is attributed to 3rd quarter growth in the economy and expectations that the Federal Reserve will be planning a rate hike at their next meeting.
The average 15-year fixed mortgage rate jumped as well, rising from 5.79 percent to 5.91 percent, while the average jumbo 30-year fixed rate climbed to 6.54 percent from 6.41 percent last week. Adjustable rate mortgages
followed suit, with the average 5/1 adjustable rate mortgage notching higher from 5.82 percent to 5.9 percent, while the average one-year ARM bounded higher from 5.21 percent to 5.35 percent.
It looks like the climb in mortgage rates will feed the media’s hype of the Bubble, and create a self fulfilling prophecy.
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