Denise Wambsganss
Realtor Your Castle Real Estate

Sunday, May 31, 2009

Mortgage rates changing?

Mortgage rates at some lenders spiked by as much as 1 percent Wednesday and saw little relief Thursday, according to mortgage brokers. "The 4.75 percent my broker quoted two weeks ago?

It is not likely to find that now. The fear dogging homeowners and investors alike is that April's record lows in mortgage rates may have come and gone. Mortgage rates have rebounded sharply over the past few days as the nation's growing debt raises concerns that government-backed assets could lose value. It's a trend that could slow refinancing and home buying. Higher mortgage rates won't necessarily derail the economy's recovery, analysts say, but it certainly won't help.

The average rate for a 30-year fixed-rate mortgage is 4.91 percent this week, Freddie Mac said Thursday.
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