Dec 8, 2010

Mortgage Rates Rise to 4.66%

According to Wall Street Journal, mortgage rates rose last week to the highest since july.The 30-year fixed-rate mortgage averaged 4.66% last week, up from 4.56% two weeks ago. Rising rates are likely to further crimp refinance activity, which was down 1% for the week and down 8% from year-earlier levels.

But rising rates could encourage some fence-sitting buyers to close deals, and home-purchase mortgage applications jumped by nearly 2% last week, sending activity to its highest level since May.

PrivoCorp is a loan processing company and we do not originate loans.

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