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 Rising Gasoline Prices have Mortgage Rates at Seven Month High
By: Darin "Sid" Cameron, CRS
Fri, Mar 18th, 2005 11:50 pm

I made a comment earlier this week that I was going to have to refinance my home just to get a tank of gas for my car ($2.15 a gallon, ouch!)

Well, if you are thinking about buying a home or refinancing, take note. There was a story out of Realty Times today which shows that long term mortgage rates have hit a seven month high thanks to those rising oil prices.

The 30-year fixed-rate mortgage averaged 5.95% for the week ending March 17, 2005, up from the week before when it averaged 5.85%. Last year at this time it was 5.38%.

The rise in interest rates was blamed on oil prices which hit a record high. The oil rate increases set off worries of inflation, which "kept continued upward pressure on interest rates and helped fuel the rise in mortgage rates for the fifth continuous week."

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Darin "Sid" Cameron spent 15 years working in the technology industry which in 1998 relocated him to St. Louis. In 2004 he took over web development tasks for Kimberly's real estate team and later became the full-time Marketing and Operations Director in 2005. In 2011 Sid launched two brokerages, The Realty Store, Inc. and Realty Referral Partners, Inc, while continuing to perform marketing and operations for Kimberly's team. Sid holds a real estate broker's license in Missouri, CRS certification and was the first CyberStar in the St. Louis area.
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