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.
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.
<< Home