Tuesday, June 09, 2009

Mortgage rates continue to scream higher...

It's worth noting that while mortgage rates are screaming higher, we are coming off historic lows. Mortgage rates for 30 year fixed rate loans bottomed out around 4.85% nationally in March and April. In New York rates bottomed out around 4.97%. In the last two weeks mortgage rates have jumped from about 5.1% to 5.74% in New York State. This is the highest level of 2009 and right at the bottom of the range for the last 4 years.

If rates continue to climb much higher (another 1% or so), we'd have the highest mortgage rates in nearly 8 years.

You can see a chart of the 6 month chart of NYS mortgage rates here....

Cheers!

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