Morgage Rates Highest in 8 Weeks

Rates on 30-year mortgages jumped to the highest level in eight weeks, squeezing some potential homebuyers out of the market, and reflecting how nervous lenders remain despite the massive global intervention in the credit markets. Mortgage giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages averaged 6.46 percent this week, up from 5.94 percent last week.

It marked the third increase out of the past four weeks and pushed rates to the highest level since Aug. 21.In plain dollars and cents, last week’s increase means a homebuyer would spend about $55 more a month to buy the U.S. median-priced home of $203,100 with a 20 percent downpayment.