Mortgage Rates Continue to Climb

April 28, 2006

Rates on 30-year mortgages rose for the fifth consecutive week, hitting their highest level in nearly four years. Freddie Mac reported that rates on 30-year, fixed-rate mortgages rose to 6.58 percent this week from 6.53 percent last week.

Rates on 15-year, fixed-rate mortgages climbed to 6.21 percent from 6.17 percent. One-year adjustable rate mortgages increased to 5.68 percent from 5.63 percent. Rates on five-year, hybrid adjustable-rate mortgages rose to 6.21 percent from 6.16 percent.
The mortgage rates do not include add-on fees known as points. Thirty-year and 15-year mortgages carried an average nationwide fee of 0.5 point. Five-year mortgages had a fee of 0.6 point and one-year ARMs carried a fee of 0.7 point.

A year ago, 30-year mortgages averaged 5.78 percent, 15-year mortgages stood at 5.33 percent, one-year ARMs were at 4.21 percent and five-year ARMs averaged 5.20 percent.

US mortgage rates unchanged on Tuesday

NEW YORK, April 25 (Reuters) - The average rate on a
30-year U.S. mortgage with no upfront points was unchanged on
Tuesday at 6-3/4 percent, according to BestInfo Inc.
If the mortgage market on Wednesday continues in its
current direction, rates may rise.
The 30-year mortgage rate with one upfront point was
unchanged at 6-1/2 percent.
The 30-year mortgage rate with two upfront points was
unchanged at 6-1/4 percent.
The Mortgage Point Monitor is provided exclusively to
Reuters by BestInfo. The company, formerly BestRates Inc., is a
Dover, Vermont-based provider of mortgage market analysis.

Mortgage rates up to 6.53%

By Jeannine Aversa
Associated Press

WASHINGTON – Rates on 30-year mortgages marched up last week to their highest point in nearly four years, a factor that is taking some oomph out of the housing market.

Freddie Mac, the mortgage company, reported that for the week ending Thursday, rates on 30-year, fixed-rate mortgages averaged 6.53 percent, up from 6.49 percent two weeks ago.

Last week’s rate was the highest since the week ending July 12, 2002, when 30-year mortgage rates stood at 6.54 percent.

Mortgage rates rose as Wall Street investors fretted that inflation might pick up, analysts said.

These worries were fanned by government reports released last week showing big increases in both wholesale and consumer prices for March.

Rising mortgages rates are crimping home sales and residential construction.

The housing sector racked up record-high sales five years running. Sales, however, are expected to drop this year. And, home prices, which have posted double-digit gains in past years, aren’t expected to go up nearly as much this year.

Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing a home mortgage, climbed to 6.17 percent last week, from 6.14 percent two weeks ago.

One-year adjustable rate mortgages increased to 5.63 percent last week, up from 5.61 percent two weeks ago.

Rates on five-year, hybrid adjustable-rate mortgages averaged 6.16 percent last week, up from 6.13 percent two weeks ago.