Mortgage Rates Halt Slide
McLEAN, Va. - (06/17/05) -- Long-term mortgage rates rose thisweek, after declining for the past five weeks, according to FreddieMac. The average for the 30-year, fixed-rate mortgage increased to5.63% this week, from 5.56% last week; while the average for the15-year, fixed-rate loan moved up to 5.22%, from 5.14%. ARM ratesalso inched upwards, with the five-year ARM averaging 5.10%, upfrom 5.01% last week; and the one-year ARM moving to 4.25%, from4.21% last week. "Although the 30-year mortgage rate ticked up thisweek, which wasn't completely unexpected, it is still below lastyear's annual average and well below where it was at this time lastyear," said Frank Nothaft, chief economist for Freddie Mac. "Drivenby low mortgage rates, recently released single-family housingstarts for May continued to advance." He noted that mortgageapplications reached their highest level ever last week, accordingto data compiled separately by the Mortgage BankersAssociation.