Mortgage rates continue to rise

Mortgage rates rose for the second straight week, and could continue to climb higher, according to HousingPredictor.com.

January 31, 2011

 

Mortgage rates rose for the second straight week, and could continue to climb higher, according to HousingPredictor.com.

The average rate on a 30-year fixed-rate mortgage rose to 4.8%, six basis points higher than the previous week. The rate on a 15-year fixed-rate loan also rose, climbing from 4.05% to 4.09%. The rise may have been fueled by fears that the rates for many borrowers are about to go even higher.

A new mortgage rating system used by Fannie Mae and Freddie Mac will likely result in higher rates for some borrowers. The new risk-based model most likely will affect borrowers who have bad credit history and a credit score under 620.

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