MORTGAGE RATES HIGHEST SINCE SEPTEMBER, 2003
Mortgage rates rose for the ninth week in a row after bond investors were scared over evidence that wage earners are making more money. Most of the week’s rise occurred Friday, after the Department of Labor released the employment report for October. Job creation wasn’t anything to celebrate, as nonfarm payrolls increased by just 56,000. The benchmark 30-year, fixed-rate mortgage rose 5 basis points to 6.42%, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week’s survey had an average total of 0.32 discount and origination points. One year ago, the mortgage index was 5.76%. Four weeks ago it was 6.1%. (Source: Bankrate.com) Full story . . .
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