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Mortgage rates moved up over a half of percent for the month of May.

 

A sign that the economy has gained some new life, mortgage rates move up quick during the month of May..

 

The market for home loans looks very different heading into the month of June then it did thirty days earlier. Fixed mortgage rates are now well above six percent for the first time in the past three months. Consumers under the impression the Fed rate cuts would keep mortgage rates near record lows are learning they may have missed a golden opportunity to refinance their mortgage near historical low rates. During the month of May the ten year bond rose from 3.81% to a high point of 4.11% on May 29th. A large factor with the increase has been the dramatic rise with oil prices. However, there are a number of other key factors. The overall stock market has regained some stability, despite a mid month sell off from the oil price pressure. Corporate earnings are beating most analysts expectations and a number of key economic reports such as CPI have come in better than expected. Heading into the month of June, there is reason for continued optimism in the stock market and less likelihood that mortgage rates will drop significantly without major economic news. Expect fixed rate mortgage loans to hover around or above six percent for the next thirty days as the economy and market search for a clearer direction.

5-30-08 ? LoanNetwork.com

 

 

 

 

mortgage rates in may @ loannetwork.com

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