Mortage rates continue their rollar coaster ride just take a look at this latest report I saw in the San Jose Mercury News.
“Freddie Mac reports a jump in the 30-year fixed mortgage rate to 5.72 percent during the week ended Feb. 14, from 5.67 percent the prior week.
Interest on 15-year fixed loans, meanwhile, climbed to 5.25 percent from 5.15 percent over the same period.
Rates dropped, however, for five-year adjustable mortgages to 5.19 percent from 5.21 percent; while the one-year ARM held steady at 5.03 percent.
Freddie Mac chief economist Frank Nothaft says economic uncertainty is responsible for the movement in mortgage rates, noting that some borrowers are finding it difficult to obtain mortgages due to stricter credit standards.”
Source: San Jose Mercury News, Martin Crutsinger (Calif.) (02/15/08)