Crude oil prices jumped $25 at one point Monday, ending the day up by 16 percent.

This is an unwelcome development for home buyers and homeowners alike because higher oil prices means higher commuting costs, putting renewed pressure on household budgets.

But the budgetary strains are not isolated to just oil prices. Mortgage rates are spiking, too.

Yesterday, conforming mortgage rates rose by a quarter-percent which — when added to the recent run-up — brings the 5-day, mortgage rate increase to 0.750 percent.

A three-quarter percent increase equates to $576 extra per $100,000 borrowed per year.

This entry was posted on Tuesday, September 23rd, 2008 at 2:59 pm and is filed under Cincinnati Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.