Dec 26, 2008

Mortgage rates skyrocket -

According to Holden Lewis  of, Mortgage rates went up this week from near-record lows as brokers and bankers scrambled to keep up with an influx of applications.

The benchmark 30-year fixed-rate mortgage rose 42 basis points, to 5.84 percent, according to the national survey of large lenders. One year ago, the mortgage index was 6.31 percent; four weeks ago, it was 5.97 percent.

The benchmark 15-year fixed-rate mortgage rose 16 basis points, to 5.46 percent. The benchmark 5/1 adjustable-rate mortgage rose 11 basis points, to 5.95 percent.

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Processing company Privo ( has been experiencing higher than normal volumes in loans the past few weeks, however there are challenges associated with lower home prices.

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