Mortgage Rates Rise
McLEAN, Va. - (09/10/04) -- Long-term mortgage rates rose thisweek, after falling the previous five weeks, according to FreddieMac. The average for the benchmark 30-year, fixed-rate loan climbedto 5.83% this week, from 5.77% last week; while the average for the15-year, fixed-rate mortgage moved up to 5.22%, from 5.15% lastweek. The average for the one-year ARM also inched up to 4%, from3.97% last week. Frank Nothaft, chief economist for Freddie Mac,said higher rates are a reflection of renewed confidence in thestrength of the U.S. economy following a summer slowdown. "August's144,000-job gain, combined with a 41,000 upward revision for July,signaled a strengthening economy and helped push mortgage rates upslightly this week," he said.