Mortgage Rates Move Higher

Register now

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."

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER