Mortgage Rates Tip Upwards

McLEAN, Va. - (07/08/05) -- Long-term mortgage rates roseslightly this week, with the benchmark 30-year loan rising to 5.62%from 5.53% last week, according to Freddie Mac. The average for the15-year, fixed-rate loans also climbed higher to, to 5.20% from5.12%. ARM rates also inched up, with the average for the one-yearARM moving to 4.33%, from 4.24% last week; and the average for thefive-year ARM rising to 5.19% from 5.06%. The slight rise in ratesis not expected to dampen the booming lending market, according toFrank Nothaft, chief economist for Freddie Mac. "Although mortgagerates ticked up this week, the 30-year mortgage rate -- apart froma brief two-week stint in March -- has stayed below 6% all year,"said Nothaft. "As a result the housing industry is likely headedfor another record-breaking year."