Long-Term Mortgage Rates Up Again
POSTED: Friday, May 19, 2006
UPDATED: 1:46 pm CDT May 19,
2006
Long-term mortgage rates are continuing to edge higher.
Freddie Mac said Thursday that the average for 30-year, fixed-rate mortgages is at 6.60 percent, compared to last week's 6.58 percent.
This week's rate was the highest since the week ending June 20, 2002, when 30-year mortgages stood at 6.63 percent.
A competing survey from Bankrate.com showed 30-year, fixed-rate mortgages rose to 6.73 percent this week.
Bankrate reported that fears of rising inflation drove up long-term mortgage rates.
Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing a home mortgage, rose to 6.20 percent, up from 6.17 percent last week.
However, rates for one-year adjustable rate mortgages averaged 5.62 percent this week, unchanged from last week.
Higher mortgage rates are slowing home sales. For five years in a row, home sales hit record highs as low mortgage rates beckoned buyers.
Last week, the Federal Reserve hiked benchmark rates again. It began raising rates two years ago.
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