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.
Dec 26, 2008
Mortgage rates skyrocket - Bankrate.com
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