Mortgage Rates Move Higher

McLEAN, Va. - (11/05/04) -- Long-term mortgage rates movedupwards this week, after declining for the past four weeks,according to Freddie Mac. The average for the 30-year, fixed-rateloan rose to 5.70% this week, from 5.64% last week; while theaverage for the 15-year, fixed-rate mortgage increased to 5.08%,from 5.01%. The average for the one-year ARM also inched higher to4.00%, from 3.96% last week. "The slight increase in mortgage ratesthis week was due in large part to volatility in long-term bondyields," said Frank Nothaft, chief economist for Freddie Mac. "Theuncertainty in bond yields reflected weakness in the manufacturingindustry that was offset by economic reports of strength in theservice sector."