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2011-01-06 15:24:06
Kiss 4% mortgage rates goodbye

NEW YORK (CNNMoney.com) -- The era of near 4% mortgage rates has ended after a quick rate rise since early November. But some industry experts think that may be a good thing for the flagging housing market.

 

The average 30-year fixed mortgage rate has risen to 4.86% from 4.17%, according to Freddie Mac's weekly mortgage market survey. In the Bankrate.com weekly survey, the rate has risen to 5.02% -- crossing the 5% mark for the second time in three weeks -- after being as low as 4.42% as recently as early November.

 

Rates haven't been this high since May and forecasters now predict them to remain between 5% and 6% for all of 2011.

 

'You can kiss those record lows goodbye,' said Greg McBride, chief economist for Bankrate.com.

 

See Article for More

http://money.cnn.com/2010/12/30/real_estate/mortgage_rate_spurt/index.htm

 
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