Mortgage Rates Climb To Two-YearHigh
McLEAN, Va. - (11/11/05) -- Long-term mortgage rates rose thisweek, for the sixth week in a row, to their highest level in twoyears, according to Freddie Mac. The average for the benchmark30-year, fixed-rate loan climbed to 6.36% this week, from 6.31%last week; while the average for the 15-year, fixed-rate mortgagehit 5.90%, slightly up from last week. ARM rates also rose higher,with the average for the one-year ARM moving to 5.12%, from 5.09%last week; and the five-year ARM average rising to 5.80%, from5.70% last week. Frank Nothaft, chief economist for the secondarymortgage market giant, said economic indicators are pushing uprates. "News that wages grew faster than had been expected inOctober reinforced fears of inflation in the financial markets andthat bumped up interest rates again this week," saidNothaft.