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Loan Modification

: Mortgage Lender Implode-o-Meter

Freddie Mortgage Rates Touch 2009 High

By Implode-Explode Heavy Industries

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Fixed U.S. mortgage rates jumped to the highest level this year, signaling the Federal Reserve?s plan to lower borrowing costs has stalled. The average 30-year rate rose to 5.29 from 4.91 percent a week earlier, Freddie Mac, the McLean, Virginia-based mortgage buyer, said today in a statement. The last time the rate was higher was Dec. 11, when it was 5.47 percent. The average 15- year rate rose to 4.79 percent from 4.53 percent. ?That?s quite a jump,? said Donald Rissmiller, chief economist at New York-based Strategas Research Partners. ?The more rates go up, the more we need home prices to go down to equalize consumers? payments. It?s those payments that have brought about a level of stability in housing unit sales.?

Full post as published by Mortgage Lender Implode-o-Meter on June 04, 2009 (boomark / email).

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