Long-Term Mortgage RatesRise
McLEAN, Va. - (02/25/05) -- Mortgage rates this week, for thesecond week in a row, after six-straight weeks of decline,according to Freddie Mac. The average for the benchmark 30-year,fixed-rate loan climbed to 5.69% this week, from 5.62% last week;while the average for the 15-year, fixed-rate mortgage moved up to5.22%, from 5.14%. ARM rates held steady, with the average for thefive-year hybrid ARM coming in at 5.05%, the same as last week; andthe average for the one-year ARM moving to 4.16%, virtuallyunchanged from last week's 4.15%. "Mortgage rates moved up for thesecond week in a row on concerns about a pick up in inflationshowing up in raw materials," said Frank Nothaft, Freddie Mac chiefeconomist. "However, a broader measure of inflation, the ConsumerPrice Index (CPI), posted a less than expected rise in inflation,causing bond yields to fall. This means that next week's surveyresults may retreat to prior levels of a week or twoago.