30-year mortgage rate creeps up
• | Hawai'i Real Estate Report |
By Martin Crutsinger
Associated Press
WASHINGTON — Interest rates on 30-year mortgages edged up slightly last week as fears about the Federal Reserve's next rate moves lessened a bit.
Freddie Mac, the mortgage company, reported yesterday that rates on 30-year fixed-rate mortgages increased to a nationwide average of 6.79 percent this week, up from 6.78 percent last week.
It was the fourth weekly increase and put rates at the highest level for 30-year mortgages since they averaged 6.81 percent the week of May 24, 2002.
Housing sales, which have set records for five straight years, are expected to decline by around 7 percent this year as higher mortgage rates make home-ownership more expensive.
Rates also rose slightly for other types of mortgages this week, according to the Freddie Mac survey.
Rates on 15-year fixed-rate mortgages, a popular choice for refinancing, increased to 6.44 percent, up from 6.43 percent last week.
Rates on one-year adjustable rate mortgages rose to 5.83 percent, up from 5.82 percent last week and the highest level in more than five years.
Rates on five-year adjustable-rate mortgages were unchanged at 6.39 percent, the same as last week.