Rates on 30-year mortgages rise

Welcome to the first entry on the Des Moines Real Estate blog! Check back often for news on the real estate market.

From the AP:

WASHINGTON (AP) — Rates on 30-year mortgages rose this week to the highest level since mid-November after a better-than-expected employment report renewed inflation worries in financial markets.

Mortgage giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages averaged 6.21 percent this week, up from 6.18 percent last week. It was the highest level since 30-year mortgages stood at 6.24 percent the week of Nov. 16.

Analysts said that financial markets were reacting to a stronger reading on employment with 167,000 jobs created in December, the best showing in three months.

Everyone have a great weekend!