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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: orkrious who wrote (6299)5/13/2004 11:57:15 AM
From: mishedlo  Read Replies (3) of 116555
 
U.S. mortgage rates spike; 30-year at 8-month high By Steve Kerch
CHICAGO (CBS.MW) -- U.S. mortgage rates followed bond yields significantly higher in the week ending Thursday, Freddie Mac said, pushing the rate on the benchmark 30-year loan to its highest level in 8 months. The 30-year loan hit 6.34 percent, up from 6.12 percent a week earlier. That is the highest the national average rate has been since it was at 6.44 percent on Sept. 4, 2003. It also marked the eighth consecutive week the rate has risen. The national average on the 15-year loan, a popular refinancing choice, also shot up, to 5.72 percent from 5.47 percent. One-year, Treasury-indexed, adjustable-rate loans, after showing only modest increases for seven weeks, took a turn higher to 3.90 percent from 3.76 percent a week ago, Freddie Mac said.
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