11/11/2005

Ninth Consecutive Increase in Mortgage Rates

Wages increased more than expected in October, so now the rates are up again to ward off fears of inflation. That means your mortgage rate in the So Cal region is now well above the low 6 percent range, with points averaging .5, instead of 0. So, to quote this article, the monthly payment on a $165,000 loan was $968 in September at 5.8 percent, but now at 6.42 percent it's $1034.

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