Monday, February 13, 2006
INTERESES HIPOTECARIOS ESTAN SUBIENDO
Rates on 30-year mortgages up for 3rd week
Only 13 percent of economists surveyed by Bankrate.com expect mortgage rates to remain stable over the next 30 to 45 days, while 87 percent predict increases. None foresaw a rate drop.
WASHINGTON -- Feb. 10, 2006 -- Rates on 30-year mortgages edged up for a third straight week, rising to the highest level since late December, Freddie Mac reported Thursday.
The giant mortgage company said its nationwide survey showed that rates on 30-year mortgages rose to 6.24 percent, up from 6.23 percent last week.
It was the third consecutive increase and left the 30-year mortgage at the highest level since it stood at 6.26 percent on Dec. 22. Rates had dropped as low as 6.10 percent in mid-January before beginning their latest increase.
Frank Nothaft, chief economist for Freddie Mac, said that the small upward movement in mortgage rates over the past three weeks was likely to be repeated over the rest of this year, leaving the 30-year mortgage up moderately from where it is currently.
"We see this trend continuing throughout 2006, with the 30-year fixed-rate mortgage ending the year at about 6.3 percent as the housing market eases back from last year's record-setting levels toward a somewhat more normal rate of activity," Nothaft said.
Other forecasters think the increase in 30-year mortgages will be slightly faster, especially if the Federal Reserve is forced to push interest rates up more aggressively to battle inflation. Many private economists are predicting the 30-year mortgage will end the year between 6.5 percent and 7 percent.
Only 13 percent of economists surveyed by Bankrate.com expect mortgage rates to remain stable over the next 30 to 45 days, while 87 percent predict increases. None foresaw a rate drop.
WASHINGTON -- Feb. 10, 2006 -- Rates on 30-year mortgages edged up for a third straight week, rising to the highest level since late December, Freddie Mac reported Thursday.
The giant mortgage company said its nationwide survey showed that rates on 30-year mortgages rose to 6.24 percent, up from 6.23 percent last week.
It was the third consecutive increase and left the 30-year mortgage at the highest level since it stood at 6.26 percent on Dec. 22. Rates had dropped as low as 6.10 percent in mid-January before beginning their latest increase.
Frank Nothaft, chief economist for Freddie Mac, said that the small upward movement in mortgage rates over the past three weeks was likely to be repeated over the rest of this year, leaving the 30-year mortgage up moderately from where it is currently.
"We see this trend continuing throughout 2006, with the 30-year fixed-rate mortgage ending the year at about 6.3 percent as the housing market eases back from last year's record-setting levels toward a somewhat more normal rate of activity," Nothaft said.
Other forecasters think the increase in 30-year mortgages will be slightly faster, especially if the Federal Reserve is forced to push interest rates up more aggressively to battle inflation. Many private economists are predicting the 30-year mortgage will end the year between 6.5 percent and 7 percent.
