Mortgage interest rates ticking up - KWWL - Eastern Iowa Breaking News, Weather, Closings

Mortgage interest rates ticking up


NEW YORK (AP) -- Rates on fixed mortgages have surged for the fifth straight week.  Freddie Mac says the average rate on a 30-year fixed mortgage rose to 4.83 percent from 4.61 percent in the previous week.  Last month, the rate hit a 40-year low of 4.17 percent.

The average rate on the 15-year loan also increased to 4.17 percent from 3.96 percent.  It reached 3.57 percent in November, the lowest level on records dating back to 1991.

Investors are shifting money out of Treasurys and into stocks. That's largely on the expectation that the tax-cut plan that Congress is set to approve will spur growth and potentially higher inflation. 

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