Mortgage Rate Rise Threatens Refis and Fed
(Wall Street Journal) — Rising government borrowing costs have driven mortgage rates to their highest level in six months, challenging the still-shaky housing market and the Federal Reserve’s efforts to boost the U.S. economy. The rate for a 30-year, fixed-rate mortgage averaged 4.61% this week, according to the weekly survey from government-backed mortgage firm Freddie Mac, up from 4.46% a week ago and the highest level since June 24. The higher rates have likely snuffed out a refinancing boomlet that began earlier this year and put billions of dollars into homeowners’ pockets.
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