Mortgage Rates Move Higher

McLEAN, Va. - (06/16/06) – Long-term mortgage rates roseslightly this week and the financial markets became more convincedthe Federal Reserve will lift short-term rates again next week. Theaverage for the 30-year, fixed-rate loan tipped up to 6.63% thisweek, from 6.62% last week; while the average for the 15-year,fixed-rate rose to 6.25%, from 6.23%, according to Freddie Mac. ARMrates also ticked up, with the one-year ARM average moving to 5.66%this week, from 5.63% last week; and the five-year ARM averagegoing to 6.23%, from 6.20%.