Mortgage Rates Hit 15-MonthHighs
McLEAN, Va. - (10/21/05) -- Long-tem mortgage continued to risethis week for the fifth week in a row, to their highest in 15months, according to Freddie Mac. The average for the30-year-fixed-rate loan hit 6.10% this week, up from 6.03% lastweek; while the average for the 15-year, fixed-rate mortgage inchedup to 5.65%, from 5.62%. ARM rates also continued to rise, with thefive-year ARM average rising to 5.59% this week, from 5.57%; andthe one-year ARM average moving to 4.89%, its highest in almostthree years, from 4.85%. "Despite the gradual rise in mortgagerates over the last two months, housing starts were actually up inSeptember highlighting the resiliency of the housing market," saidFrank Nothaft, chief economist for Freddie Mac.