Mortgage Rates Keep Rising

Register now

McLEAN, Va. - (03/18/05) -- Long-term mortgage rates rose thisweek for the fifth week in a row, with the 30-year rate hitting aseven-month high, according to Freddie Mac. The average for thebenchmark 30-year, fixed-rate loan climbed to 5.95% this week, from5.85% last week, while the average for the 15-year, fixed-ratemortgage hit 5.47%, up from 5.38% last week. ARM rates were mixed,with the average for the five-year, hybrid ARM increasing to 5.31%,from 5.20%; and the average for the one-year ARM, dipping slightly,to 4.20%, from 4.24% last week. "Oil prices hit a record high ...this raises the fear of inflation, which kept continued upwardpressure on interest rates and helped fuel the rise in mortgagerates," said Amy Crews Cutts, Freddie Mac's deputy chiefeconomist.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER