Mortgage Rates Keep Rising
McLEAN, Va. - (04/28/06) -- Mortgage rates climbed higher againthis week for the fifth week in a row and hovered near four-yearhighs, according to Freddie Mac. The average for the benchmark30-year, fixed-rate loan rose to 6.58% this week, from 6.53% lastweek; while the average for the 15-year, fixed-rate mortgage inchedup to 6.21%, from 6.17%. Both are at their highest since June 2002.ARM rates also moved higher, with the five-year ARM average up to6.21% this week, from 6.16% last week; and the one-year ARM averageup to 5.68%, from 5.63%. Frank Nothaft, chief economist for FreddieMac, predicted higher rates for the rest of the year. "We expectmortgage rates to gradually rise throughout the year. A strongerlabor market, coupled with moderation in house-price growth, meansour outlook for overall housing conditions remains upbeat," hesaid.