honoluluadvertiser.com

Sponsored by:

Comment, blog & share photos

Log in | Become a member
The Honolulu Advertiser
Posted on: Friday, April 4, 2008

Long-term mortgage rates up

By Jeannine Aversa
Associated Press Economics Writer

WASHINGTON — Rates on 30-year and 15-year mortgages rose this week, more unwelcome news for the troubled housing industry.

Mortgage company Freddie Mac reported yesterday that 30-year fixed-rate mortgages averaged 5.88 percent for the week ending April 3. That was up from last week's 5.85 percent.

Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing, rose this week to 5.42 percent, up from 5.34 percent last week.

"Housing ... continues to be a drag on the economy," said Frank Nothaft, Freddie Mac's chief economist.

However, rates on shorter term mortgages dipped this week

For five-year adjustable-rate mortgages, rates dropped to 5.59 percent, from 5.67 percent last week. And, rates on one-year, adjustable-rate mortgages averaged 5.19 percent this week, down from 5.24 percent in the prior week.

• • •