Mortgage rates blip up
Foreclosure Credit: Getty
The weeks-long downward slide of rates on 30-year mortgages ended this week, mortgage finance giant Freddie Mac reported today.
The 30-year fixed rate averaged 4.35 percent this week, up a nano inch from 4.32 last week, which had been the lowest since finance giant Freddie Mac began tracking this rate in 1971.
The slip could just be a temporary blip. As mortgage industry veterans say, bad news drives rates down, and unemployment rates, housing crisis (a foreclosed home, above left), credit markets and national debt have been sitting on rates.
“You get bad news from Europe, it’ll go backdown,” said Al Dunseath, president of Glen Mortgage Corp., a Glen Cove mortgage broker.
He considers this week’s rate increase negligible and said people hoping for lower rates later should not be discouraged: “The economy is not rock and rolling.”
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