Marketwatch is reporting that rates for 30 year fixed mortgages have hit their highest point in 10 months. And it’s not just 30 year rates. ARM’s are up, 15 year rates are up and things are generally getting tighter on fears of tightening of the labor force and an increase in wages.
What does this mean for the housing market? According to Frank Nothaft of Freddie Mac, “As house prices grow less quickly and household incomes rise, the housing market will likely recover from its current slump, but perhaps not before the end of this year.” We’ll see.
To read the whole story, click here.
0 Responses to “Mortgage Rates Hit 10 Month High”