Mortgage rates rise for fourth-straight week
- December 9, 2010
Mortgage rates have risen for the fourth week in a row.
The average 30-year fixed-rate mortgage was 4.61 percent this week, compared to 4.46 percent last week and 4.81 percent a year ago.
“After Europe made strides in its debt situation, investors left the security of U.S. Treasury debt causing bond yields to rise and mortgage rates along with them,” Freddie Mac Vice President and Chief Economist Frank Nothaft said in a statement. “Interest rates for 30-year fixed mortgages are now almost a half percentage point higher than the record low set in mid-October, which for a $200,000 conventional loan amounts to $50 more in monthly payments.”
The 15-year, fixed rate mortgage averaged 3.96 percent, compare to 3.81 percent last week and 4.32 percent a year ago.