30-year fixed mortgage rates jump sharply to 6.46 percent

The Associated Press

Published: 10/31/08 12:30 am

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WASHINGTON – Rates on 30-year mortgages spiked this week as the tumult in financial markets continued to be felt in housing finance.

Mortgage giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages averaged 6.46 percent this week, up from 6.04 percent last week.

Analysts attributed the increase to the impact the financial crisis is having on bond markets. Now that the panic is easing a bit, investors are moving out of Treasury bonds.

That movement means less demand for Treasury securities, pushing their yields higher. That increase drives up rates for mortgages.

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