Long-Term Mortgage Rates EdgeHigher
McLEAN, Va. - (07/29/05) -- Fixed mortgage rates moved higheragain this week, for the third week in a row, according to FreddieMac. The average for the benchmark 30-year, fixed-rate loan inchedup to 5.77% this week, from 5.73% last week; while the average forthe 15-year, fixed-rate mortgage rose to 5.34%, from 5.32%. ARMrates also moved higher, with the one-year ARM average moving up to4.46%, from 4.42% last week; and the five-year ARM average inchingup to 5.27%, from 5.26%. Despite the rising rates, economists stillsee rates as attractive for homebuyers. "Although inching upwards,the average 30-year fixed-rate mortgage rate for the month of Julywas lower than the annual averages since our survey began in 1971,"said Frank Nothaft, chief economist at Freddie Mac. "And the mostrecent figures for housing sales are reflective of these lowinterest rates in the mortgage industry."