Mortgage Rates Keep Rising
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.