Jump in Mortgage Rates Overshadows Rebound In Application Activity
June 12th, 2008A sharp jump in mortgage rates was the week’s most significant development.
- 30-year mortgage rates rose to 6.32%, largely in response to growing inflation fears
- Federal Reserve officials may also respond to the inflation threat, as they’ve begun to hint at possible hikes in the Fed rate later this year
- The grim news on the interest rate front overshadowed what otherwise would have been a bright spot, a bounce back in mortgage application activity
