Mortgage Rates Keep Rising
McLEAN, Va. - (10/28/05) -- Long-term mortgage rates continuedto inch upwards this week, with the average for the benchmark30-year, fixed rate loan remaining above 6% for the third straightweek, according to Freddie Mac. The average for the 30-year ratemoved to 6.15% this week, from 6.10% last week; while the averagefor the 15-year, fixed-rate loan rising to 5.69%, from 5.65%. ARMrates also continued to move higher; with the average for theone-year ARM inching up to 4.91%--its highest since April2002--from 4.89%. The average for the five-year ARM climbed to5.63%, from 5.59%. The rising rates appears to have taken a toll."Although home sales were still impressive in September, mortgageapplications in October seem to tapering off a bit, due in largepart to slowing rising interest rates," said Frank Nothaft, chiefeconomist for Freddie Mac.