Today's Rate over 4
For the first time in a year, the interest rate on a thirty year fixed rate mortgage rose above 4.0%. The rate actually hit 4.15% with a one point origination fee. Rates have risen over one half of one percent since May which corresponds to a fifteen percent increase in the cost to borrow money. The rates still remain historically low and are not expected to influence the housing industry. The long term view could be more troubling as the Chairman of the Federal Reserve indicated this week that the Fed may make moves later this year which could send rates higher still. In a related news story, President Obama made comments indicating that the Chairman could be replaced later this year.

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