National Mortgage Rates ChartTable of national mortgage rates
Mortgages rise to 2-year high
According to Freddie Mac's Primary Mortgage Market Survey, the national 30-year interest rates on mortgages rose to a two-year high of 4.51% for the 11 July period. Recent rates were so high in July 2011 when they reached 4.55 percent. It was based on speculations that the Fed would soon cut its borrowing programme following the June job market bust.
"June's heavy job activity resulted in more bullish speculations that the Fed will cut back sovereign debt buying in the near term, leading to rising bonds and mortgage yields," Frank Nothaft, Freddie Mac's senior economic affairs executive, said in a newsflash. "In June, the business sector created 195,000 additional positions, more than the projected level of consumer confidence, while the last two months' revision has created 70,000 new positions.
Meanwhile, in the transcripts of the Federal Reserve's 18-19 June IMF Governing Council published on 10 July, it was noted that "many members indicated that a further improving of the labour markets prospects was needed before it was appropriate to decelerate the rate of borrowing".
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