Still In Denial? Mortgage Rates Soar
Here we go:
Bankrate: Mortgage Rates Surge Higher
NEW YORK, June 11, 2009 /PRNewswire-FirstCall via COMTEX/ -- Mortgage rates
soared this week, with the average 30-year fixed mortgage rate rising to 5.95
percent. According to Bankrate.com's weekly national survey, the average 30-year
fixed mortgage has an average of 0.42 discount and origination points.
The average 15-year fixed rate mortgage jumped to 5.37 percent, while the average
jumbo 30-year fixed rate rose to 6.96 percent. Adjustable rate mortgages were up
this week as well, with the average 1-year ARM moving to 5.16 percent and the
5-year ARM climbing to 5.49 percent.
The rising mortgage rates have made it undesirable for many homeowners to
refinance their mortgages[. . .]
30-year fixed: 5.95% -- up from 5.65% last week (avg. points: 0.42)
15-year fixed: 5.37% -- up from 5.06% last week (avg. points: 0.38)
5/1 ARM: 5.49% -- up from 5.20% last week (avg. points: 0.48)
Bankrate's national weekly mortgage survey is conducted each Wednesday from data
provided by the top 10 banks and thrifts in the top 10 markets.
For a full analysis of this week's move in mortgage rates, go to
Just like was warned.
P.S. Tony--leave a comment with the original post where our bet originated from... I want to link it in my post. I'll put my eating crow post once I have that link. Thanks. GMX