30 Year Mortgage Rates Rise After Record Run at Historic Lows
February 10th, 2009
After month long run at record low levels, rates on 30 year fixed rate mortgages rose above 5 percent last week. Rates started their decline after the Federal Reserve announced last November their plan to buy 500 million dollars in mortgage backed securities. It was hoped this would encourage banks to lend more money and help the troubled housing industry.