Mortgage Rates Keep Rising
McLEAN, Va. - (05/05/06) -- Long-term mortgage rates continuedto climb this week ever so slightly, for the sixth week in a row,according to Freddie Mac. The average for the 30-year, fixed-rateloan inched up from 6.58% last week, to 6.59% this week--itshighest since June 2002--while the average for the 15-year,fixed-rate mortgage moved from 6.21% to 6.22%. ARM rates weremixed, with the one-year ARM average dipping from 5.68% to 5.67%;and the five-year ARM rate holding steady at 6.21%. Economistspredicted rates will keep on rising. We expect that the mortgagerates will continue to trend upward over the coming year, but thatupward trend will be modest at best, said Frank Nothaft, chiefeconomist for Freddie Mac.