Mortgage rates are continuing their creep upward in a trend that well may choke off a recent refinancing boom and provide a test of the strength of the housing market in 2010.
Freddie Mac’s widely watched survey found that rates averaged 5.14% this week on 30-year fixed-rate home loans for borrowers with good credit and a 20% down payment — or 20% equity for refinancings. That was up from 5.05% last week and slightly higher than at the same time last year.
On 15-year mortgages, the average fixed rate was 4.54%, up from 4.45% a week earlier.
Borrowers paid their lenders upfront …
Read the original article at Latimes
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