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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.

Previous Stories:

May 11, 2006: Mortgage Rates Edge Down Slightly
May 10, 2006: Fed Lifts Rates 16th Straight Time
May 4, 2006: Mortgage Rates Up For 6th Week
March 28, 2006: Fed Lifts Rates 15th Straight Time
March 27, 2006: Fed Set To Hike Interest Rates For 15th Straight Time
March 23, 2006: Mortgage Rates Slide For Second Straight Week
March 17, 2006: Economists Predict Two More Interest Rate Hikes

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Long-Term Mortgage Rates Up Again

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