Mortgage Rates Near Four-YearHighs
McLEAN, Va. - (04/14/06) Home loan rates continued torise this week to their highest in nearly four years, according toFreddie Mac. The average for the 30-year, fixed-rate loan climbedfrom 6.43% last week to 6.49% this week, its highest since July2002. The 15-year, fixed-rate mortgage also rose from 6.1% to6.14%. ARM rates also continued to rise, with the average for theone-year ARM moving up from 5.57% last week to 5.61% this week, andthe average for the five-year ARM inching up from 6.11% to 6.13%.Analysts said they expect the higher rates to slow down home sales."We've seen a gradual rise in mortgage rates in the last sixmonths, and housing is at very high prices in many markets aroundthe nation," said Frank Nothaft, chief economist for Freddie Mac,in a report issued this week. "There's been a pinch inaffordability, and housing has gotten out of reach for manyfamilies."