Mortgage Rates Inch Up Again

McLEAN, Va. – Long-term mortgage rates rose again slightly this week, for the third week in a row, according to Freddie Mac. Financial markets were concerned that stronger spending could keep inflation elevated, Frank Nothaft, Freddie Mac chief economist, said in a news release. These worries were further compounded by the releases of new- and existing-home sales for the same month, which both exceeded market forecasts and caused Treasury bond yields to continue to rise. The average for the 30-year, fixed-rate loan moved to 6.18% this week, from 6.13% last week; while the average for the 15-year, fixed-rate mortgage climbed to 5.93%, from 5.89%. ARM rates also rose slightly, with the one year ARM average moving up to 5.47%, from 5.44% last week; and the five-year ARM average rising to 5.98%, from 5.96%.