SAN FRANCISCO-Mortgage rates have zoomed up for the fifth consecutive week, demonstrating higher pays on long-term Treasury securities. Freddie Mac has said that the average value of a 30-year fixed-rate mortgage jumped to 4.83% from that of 4.61% last week.
In the last month, the 30-year fixed mortgage was 4.17%. The average rate on a 15-year fixed mortgage rose to 4.17% from 3.96%. Since mortgage rates are soaring up, investors are transferring money from Treasurys into stocks. For the full story, go to San Francisco Chronicle.
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