Mortgage rates skyrocket - Bankrate.com

According to Holden Lewis  of Bankrate.com, 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 Bankrate.com 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.

For further information http://www.bankrate.com/brm/news/mtga/Dec2508_mortgage_analysis_a1.asp

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