Mortgage Rates Head Up, Up, Up...

Mortgage rates head up, up, up, from the Arizona Republic, reports that mortgage rates hit their highest point in almost 4 years this week, a move that is expected to slow home sales even more. The average rate on a 30-year fixed rate loan hit 6.53 percent, up from 6.49 percent last week. "Rates are likely to reach 7 percent this year, and that will likely put a brake on real estate in Arizona," said Terry Turk, president of Sun America Mortgage Co. A 50 percent rise in home values in 2005 means many buyers need low rates to afford a home. This weeks rates were the highest since July 2002.



http://www.azcentral.com/php-bin/clicktrack/print.php?referer=http://www.azcentral.com/arizonarepublic/news/articles/0421mortgage0421.html