Tuesday, March 20, 2012
Spring Has Sprung for Mortgage Rates
With the home-selling season about to begin, a new headwind —higher mortgage rates— has emerged. In the past week, the average 30-year mortgage tracked by Bankrate.com is 0.15 percentage point higher, adding nearly 1.8% to a typical monthly payment. Our Zillow mortgage calculator for 30 year loans on the right is springing from its low of 3.67%, barely two weeks ago, to the 4% mark. Government-sponsored mortgage giants Fannie Mae and Freddie Mac are also raising their charges to guarantee mortgages, adding to costs.