30-year mortgage rate rises to 6.7%

Posted on by
Reply

Average long-term U.S. mortgage rates rose this week for the sixth straight week, marking new highs not seen in 15 years, before a crash in the housing market triggered the Great Recession.

Mortgage buyer Freddie Mac reported Thursday that the average on the key 30-year rate climbed to 6.70% from 6.29% last week. By contrast, the rate was 3.01% a year ago. The average rate on 15-year, fixed-rate mortgages jumped to 5.96% from 5.44% last week.

Freddie Mac noted that for a typical mortgage amount, a borrower who locked in at the higher end of the range of weekly rates over the past year would pay several hundred dollars more than a borrower who locked in at the lower end of the range.

Hurricane Charley 2004

Posted on by
Reply

Hurricane Charley occurred between 9 and 14 August 2004. Hurricane Charley strengthened rapidly just before striking the southwestern coast of Florida as a Category 4 hurricane. Charley was the strongest hurricane to hit the United States since Andrew in 1992 and, although small in size, it caused catastrophic wind damage in Charlotte County, Florida. Serious damage occurred well inland over the Florida peninsula. Inundation up to 4.2 feet above ground level was observed along portions of Florida coast. Maximum sustained winds up to 78 knots were recorded during this Hurricane in the United States. There was a total of 10 fatalities in the United States with about $7.4 billion property damage [NOAA, 2004].