Digital News Report – Mortgage interest rates are skyrocketing rising more then 12 basis points in one week. This week’s rate is 5.23 percent on a 30-year fixed rate mortgage. One basis point is one one-hundredth of a percent.
Today you may be able to find a 30-year fixed rate mortgage for as low as 5.12 percent compared to 5.07 percent last week according to a Bankrate survey.
The Federal Housing Finance Agency, a U.S. government agency, reports that this week Freddie Mac’s Weekly Primary Mortgage Market Survey rate for a 30-year fixed rate mortgage was 5.08 percent. Compare that to 4.99 percent last week. Rates are on their way up this week.
The Federal Home Loan Mortgage Corporation (FHLMC or Freddy Mac) estimates the 15-Year Fixed Mortgages to be 4.39 %, up from 4.34 % last week.
By: Tina Brown