Mortgage Interest Rates Spike This Week

I just got off the telephone with a mortgage professional I respect and trust, and he tells me the news on the home loan front is not pretty.

Mortgage interest rates have spiked over the past few days.

Consumers that could have locked in their rate last week at around 6.25 percent for a 30-year fixed rate loan (or paid a point and locked in for less than 6 percent) are now looking at a 30-year, fixed-rate interest rate of 7.25 percent.

Some of these consumers who decided to "wait and see" whether rates would go lower now may not even qualify for a loan.

I'll keep you posted.