Freddie Mac reports 30-year, fixed-rate mortgages averaged 6.24 percent

WASHINGTON - Rates on 30-year mortgages rose for a third straight week, hitting the highest level in more than three months.
Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 6.24 percent this week, up from 6.04 percent last week.

That is the highest level since the week of Nov. 15 when 30-year rates also averaged 6.24 percent. It marked a significant reversal from the beginning of the year when 30-year rates dropped below 6 percent for six straight weeks reflecting a significant slowdown in the economy. That slowdown prompted the Federal Reserve to aggressively cut the short-term interest rate it controls by 1.25 percentage points in January, the biggest one-month cut in this rate by the Fed in more than a quarter-century.

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Good news! This is what is SUPPOSED to happen.

I saw 2 foreclosures today just driving around. Not surprised.

2? :lol:

Take a spin around here. You'll see more than 2 on one side of a street. I can see 2 just out my window.