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Mortgage Rates Rise to 4.24% |
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WAHSINGTON (AP) - Nov. 5, 2010 - Rates on 30-year fixed mortgages edged up this week to an average of 4.24 percent, still close to their lowest level in decades.
The average rate for 30-year fixed loans rose from 4.23 percent the previous week, mortgage buyer Freddie Mac said Thursday. It was the thir weekly increase in a row. Rates fell last month to 4.19 percent, the lowst average on records dating back to 1971. The average on 15-year fixed loans fell to 3.63 percent this week from 3.66 percent a week earlier. Rates have been at or near historic lows since April. Nervous investors are buying up ultra-safe Treasury bonds. Bond buying picked up in recent weeks as investors prepared for the Federal Reserve's announcement yesterday of a plan to buy billions of dollars in Treasury bonds. The goal is to spur consumer spending and investment in stocks. The extra demand means investors must accept lower yields on Treasury bonds. Mortgage rates tend to track Treasury yields. |
