Mortgage rates spike - biggest jump since '87
Rate on 30-year fixed mortgages jump could climb higher still. One cause: Government's rescue efforts.
NEW YORK (CNNMoney.com) -- Low mortgage rates, the one bright spot in a devastated housing market, are on a rapid rise.
Freddie Mac reported Thursday that the average 30-year fixed-rate mortgage has hit 6.46% - up from 5.94% the week earlier. That represented the largest weekly increase since April 1987, when the 30-year rose 0.84 points.
Could this a signal where the rates return to where they were in the 8o's?
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