Texas Mortgage: Dallas Mortgage Rates for 30-Year Loans Increase

Texas Mortgage: Dallas Mortgage Rates for 30-Year Loans Increase

http://news.businessweek.com/article.asp?documentKey=1376-LT08HS6K50Z201-015GEF91FKP8USVQC9VCKAMV2H

Dallas mortgage rates climbed from the lowest level on record after better-then-expected economic data and optimism that Europe’s debt crisis will be contained drove up yields for the Treasuries that guide home loans.

The average rate for a Dallas 30-year fixed loan increased to 4.12 percent in the week ended today from 3.94 percent, Freddie Mac said in a statement today. That was the lowest in Freddie Mac records dating back to 1971. The average 15-year rate rose to 3.37 percent from 3.26 percent last week, according to the McLean, Virginia-based mortgage-finance company.

Ten-year Treasury yields, a benchmark for mortgages, rose to a six-week high yesterday after European Commission President Jose Barroso called for a “coordinated approach” to recapitalize the region’s banks. U.S. employers added more workers than forecast in September while the jobless rate held at 9.1 percent, the Labor Department said last week.

“The economic news has not been nearly as bleak as we’ve become accustomed to,” said Keith Gumbinger, vice president of HSH Associates, a loan-data firm in Pompton Plains, New Jersey. “Money has crept its way out of the safe havens of Treasuries and back into equities and there’s been a slight lift in interest rates as a result.”

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