The rates on 30-year mortgages in America have again climbed for a third consecutive week. The news comes from mortgage lending giant Freddie Mac, who conducts weekly nationwide surveys. Rates on 30 year mortgages were up from 6.23 per cent last week to a new high of 6.24 per cent, the highest since late December.
Economic experts at the helm of Freddie Mac said that the moderate upward mobility of rates witnessed over the last few weeks is likely to continue throughout the rest of 2006. This is likely to move the whole 30-year mortgage market up slightly. An economist with the firm was reported to have said, "We see this trend continuing throughout 2006, with the 30-year fixed-rate mortgage ending the year at about 6.3 per cent as the housing market eases back from last year's record-setting levels toward a somewhat more normal rate of activity."
However, other economists are disputing the claims, and believe that the increase in 30-year mortgage rates will be faster. They point to the likelihood of the federal reserve driving up interest rates to combat rising inflation. They perceive that an end-of year rate of between 6.5 and 7 per cent for 30-year mortgages is not unfeasible.
USA mortgage rates edge higher again
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USA mortgage rates edge higher again
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