Mortgage rates continue to climb

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Mortgage rates rose again last week, hitting their highest level since July, according to The Wall Street Journal.

December 16, 2010

 

Mortgage rates rose again last week, hitting their highest level since July, according to The Wall Street Journal.

The 30-year-fixed-rate mortgage averaged 4.66% last week, increasing from 4.56% two weeks ago. Although it’s still below the year-to-date average of 4.74%, the rate has jumped sharply since hitting a low of 4.21% in October.

The rise will likely hamper refinance activity, which was down 1% for the week and 8% from a year ago.

Mortgage rates are closely tied to the 10-year Treasury, which has risen in recent weeks and jumped the past few days after the tax-cut compromise.

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