Industry News

Economic news hikes real estate rates

Borrowing costs up for fourth straight week
Published on Feb 16, 2006

Mortgage rates rose for the fourth consecutive week, fueled by higher retail sales and inflation fears, according to surveys conducted this week by Freddie Mac and Bankrate.com. In Freddie Mac's survey, the 30-year fixed-rate mortgage averaged 6.28 percent for the week ended today, up from last week's average of 6.24 percent. The average for the 15-year fixed is 5.91 percent, up from last week's average of 5.83 percent. Points on both the 30- and 15-year averaged 0.5. The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 5.95 percent this week, with an average 0.5 point, up from last week when it averaged 5.89 percent. The one-year Treasury-indexed ARM averaged 5.36 percent, with an average 0.7 point, up from last week when it averaged 5.34 percent. "So far this year, fixed-rate mortgage rates have risen only slightly," said Frank Nothaft, Freddie Mac vice president and chief economist. "Long-term mortgage rates are only marginally higher than they were two months a...

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