Daily Real Estate News | May 30, 2008
Freddie Mac reports a jump in the 30-year fixed mortgage rate to 6.08 percent during the week ended May 29 from 5.98 percent the prior week, marking a two-month high triggered by investor concern over inflation.
The 15-year mortgage rate climbed to 5.66 percent from 5.55 percent over the same period, while the five-year adjustable rate rose slightly to 5.62 percent from 5.61 percent.
However, the one-year ARM slipped to 5.22 percent from 5.24 percent.
In the event of worsening inflationary pressures, Federal Reserve Bank of Dallas President Richard Fisher says, "I would expect a change of course in monetary policy to occur sooner rather than later, even in the face of an anemic [economy]."
Source: San Francisco Chronicle (05/30/08)
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