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Reply #30: Mortgage Rates Up on Economic Signs [View All]

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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-11-04 02:07 PM
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30. Mortgage Rates Up on Economic Signs

Mortgage rates around the country climbed this week as Wall Street investors responded to some encouraging signs that the economy is gaining traction.

Rates on 30-year, fixed-rate mortgages averaged 5.76 percent for the week ending Nov. 11, Freddie Mac said in its weekly survey released Thursday. That was up from 5.70 percent last week.

Rates on 30-year mortgages hit a high this year of 6.34 percent the week of May 13. After that, rates, while bouncing around, drifted lower as economic activity had cooled a bit, easing inflation fears.

Wall Street investors more recently were buoyed by a government report, issued on Nov. 5, showing the economy added a sizable 337,000 jobs in October, the most in seven months.

"October's fervent job growth statistics ... led financial markets to believe the economy is picking up steam," said Frank Nothaft, Freddie Mac's chief economist. "The end result translates into higher long-term mortgage rates this week."

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