30-year rates jump

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Rates on 30-year mortgages, which had been falling for five weeks, jumped sharply this week, reflecting the turbulence in global credit markets.

The increase, which pushed rates above 6 percent for the first time since early September, was blamed on turbulent financial markets, which in recent weeks have been hit by the biggest upheavals on Wall Street since the Great Depression.

Freddie Mac reported Thursday that its nationwide survey found that the average for 30-year, fixed-rate mortgages rose to 6.09 percent this week, up from 5.78 percent last week. Last week's rate had been the lowest level for 30-year rates since February.

"Mortgage rates followed Treasury bond yields higher this week amid market uncertainty over the current state of the economy," said Freddie Mac chief economist Frank Nothaft.

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