OT - US 30 year mortgage rate highest in 3-1/2 years

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US 30 year mortgage rate highest in 3-1/2 years

WASHINGTON, Feb 10 (Reuters) - Average rates on U.S. 30-year fixed rate mortgages hit their highest level in more than 3-1/2 years in the week ending Feb. 11, Freddie Mac said on Thursday.

Thirty-year mortgage rates rose in the week to an average 8.36 percent, the highest level since 8.42 percent seen in the week ended July 12, 1996.

Mortgage interest rates have risen steadily over the last year as the Federal Reserve has ratcheted up borrowing costs to curb the chances of an upsurge in inflation in the United States.

Last week, the Federal Reserve raised the federal funds rate on overnight loans to banks to 5.75 percent from 5.5 percent, and also increased the discount rate on direct loans to banks to 5.25 percent from 5 percent.

Freddie Mac said 15-year mortgage rates rose to an average of 7.96 percent from 7.85 percent, their highest level since an average of 7.99 percent in the week ended April 7, 1995.

Freddie Mac is a corporation chartered by Congress that buys mortgages from lenders and packages them into securities for investors.

===================================== End

Ray

-- Ray (ray@totacc.com), February 10, 2000

Answers

Yes, those of us who are being negatively affected by his continuing hikes in the interest rate are really feeling it. Between that and our condo fee escalating yearly, pretty soon I will not be able to keep my modest home unless I do without other necessities. He looks at his "big picture" I suppose, but he forgets "the little guy/gal."

-- Elaine Seavey (Gods1sheep@aol.com), February 10, 2000.

Mr. GreasePan and his buddies have never given a damn about the "little person". They're stricly concerned with 'larger' issues like getting the USA ready for its place in (One) world government.

I suspect that the American public effectively lost nearly all control over the Federal government with that 'magic' bullet in 1963. Anyone else remember those $5.00 bills that weren't Federal Reserve Notes??? Apparently they were too much for the One Worlders to swallow...going the wrong direction 'ya see.

-- DonchaThink (FiatMoneyReally@Sucks?.com), February 10, 2000.


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