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Market News

  Mortgage rates gained substantially this week, nearly erasing the declines they've seen over the last three weeks, Freddie Mac reported Thursday.
The government-sponsored loan buyer said the average rate on a 30-year fixed-rate loan rose to 6.73 percent for the week ending July 12, from 6.63 percent the previous week.
Last year at this time, the 30-year mortgage rates averaged 6.74 percent.
  Rising rates, among other factors, caused industry groups like the Mortgage Bankers Association (MBA) and the National Association of Realtors to push back their forecasts for a home price recovery. Both groups are now looking to early 2008, compared with a previous outlook for mid-2007.