Mortgage rates rose for the fourth straight week, ending the year above 5 percent. The average fixed rate on a 30 year mortgage was 5.14 percent last week, up from 5.05 percent the previous week, Freddie Mac said Thursday. Mortgage rates are closely tied to yields on long term government debt. The average fixed rate on a 30 year mortgages has steadily risen since hitting a record low of 4.71 percent the week of December 3, 2009.
The Federal Reserve is pouring $1.25 trillion into mortgage backed securities to keep rates low in 2010. The program, aimed at making home buying more affordable is set to end next spring. Still qualifying for a loan is hard because lenders have tightened requirements. The best rates are available to those with good credit, and a 20 percent down payment.
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1 Mortgage Rates End Year Above 5 Percent | TibTV // Jan 6, 2010 at 2:05 am
[...] Mortgage rates rose for the fourth straight week, ending the year above 5 percent. The average fixed rate on a 30 year mortgage was 5.14 percent last week, up from 5.05 percent the previous week, Freddie Mac said Thursday. Mortgage rates are closely tied to yields on long term government debt. The [...] Read more at Marin County Real Estate [...]
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