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Mortgage Rates Rise for Multiple Reasons

By
Real Estate Agent with Keller Williams Realty 00998118

Motagage Interest rates took a huge leap last week. There isn't a single explanation for the rise.

Mortgage rates are being pulled and push by various forces: increasing inflation, all around tighter lending guidelines, a loss of confidence in Fannie Mac and Freddie Mac, and an upcoming election that makes politicians want to take some kind of action.

In Orange County the average rate on a 30-year fixed loans up to the old conforming limit of $417,000 increased to 6.103 percent with a one-point fee fro 6.047 percent a week earlier. And the introductory rate on a similar size 30-year loan fixed for just one year increased to 5.527 percent with a two-point fee from 7.093 percent a week ago.

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