Mortgage rates rise

The cost of financing an expensive home in the U.S. is climbing. Wells Fargo, one of the nation’s biggest lenders, raised the interest rate on its 30-year fixed jumbo (loans of more than $417K) to 8% last week and other lenders quickly followed. Many believe the implications for high-priced markets, like Marin, may be more serious as they account for the majority of the jumbo loans.

CNNMoney reports on the rate jump and its potential effect on the nation’s priciest housing markets.

> From CNNMoney...

Don't look now but the cost of financing a home purchase in some of the nation's priciest areas just got more expensive.

Wells Fargo, one of the nation's biggest mortgage lenders, raised the interest rates on it 30-year, fixed-rate, non-conforming (AKA jumbo) loan to 8 percent last week, up from 6.875 percent. Other lenders followed suit and more are likely to join them. Read More >>