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Mortgage Rates Jump Above Five Percent

  • June 4th 2009

by Mark Wellborn

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Mortgage Rates Jump Above Five Percent: Figure 1

Those low, low long-term mortgage rates may be a thing of the past. This week, 30-year fixed-rate mortgages jumped to 5.29 percent from 4.91 percent last week, according to Freddie Mac. That surge puts rates at their highest point this year.

The last time rates were at these levels was in December 2008 when the 30-year rate was at 5.47 percent. It is hard to imagine that just five weeks ago, long-term rates were at their record low of 4.78 percent.

Many experts believe that the increasing rates could hurt the home purchase and refinance markets as people will probably not be as inclined to buy as they were when rates were below five percent.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/mortgage_rates_jump_above_five_percent/989.

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