McLEAN, Va. - (06/02/06) Home loan rates rose again thisweek, maintaining four-year highs and dampening demand in themortgage market. The average for the 30-year, fixed-rate loan roseto 6.67% this week, from 6.62% last week; while the average for the15-year, fixed-rate mortgage increased to 6.26%, from 6.23%,according to Freddie Mac. ARM rates also continued to move higher,with the average for the one-year ARM rising to 5.68%, from 5.61%;and the average for the five-year ARM going to 6.26%, from 6.21%.Higher rates are continuing to depress mortgage demand, with loanapplications down 22% last week, compared to the same week lastyear, according to the Mortgage Bankers Association.
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