Mortgage rates surge to a five-month high

Mortgage rates surged to a five-month high this week, tracking a jump in bond yields after President Obama and congressional Republicans agreed to a plan that, if approved, would extend tax cuts for two years.

The average rate for a 30-year fixed loan increased to 4.61 percent this week from 4.46 percent, the fourth consecutive weekly gain, Freddie Mac said.

The average rate on a 15-year fixed loan rose to 3.96 percent from 3.81 percent. Rates on five-year adjustable mortgages averaged 3.6 percent, up from 3.49 percent. Rates on one-year adjustable-rate loans edged up to 3.27 percent from 3.25 percent.

Read Full Article from Washington Post

- Posted: 2010-12-10 13:33:44

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