McLEAN, Va. – Home loan rates rose this week after moving lower the past few weeks, according to Freddie Mac.
The average for the 30-year, fixed-rate mortgages moved up to 5.15% this week, from 5.07% last week; while the average for the 15-year, fixed-rate loan rose to 4.72%, from 5.68%.
Short-term rates also inched up, with the average for the one-year ARM rising to 4.72%, from 4.68%; and the average for the five-year ARM moving to 5.08%, from 5.06%.
"Mortgage rates followed bond yields higher this week following reports of record continuing jobless claims and a downward revision in economic growth in the fourth quarter of 2008," said Frank Nothaft, chief economist for Freddie Mac.
Seven weeks ago, 30-year rates were 4.96%, which was the lowest since Freddie Mac started the Primary Mortgage Market Survey in 1971.
