Mortgage rates are on the rise again. Treasury yields pushed higher yet this week, likely putting further pressure on mortgage rates to increase next week as well.
Weekly Home Mortgage Rates
30-Year Fixed
Feb. 15
New York 6.34
National Avg 6.37
5-Year Adjustable
Average 6.05
The spread between these mortgages has narrowed over the past year due to increased short term rates without a corresponding increase at the long end.
Increased rates on Adjustable Rate and Interest Only mortgages should have a negative impact on first quarter '06 sales in Northern NJ.
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