Industry NewsMortgage

Rates rise on 30-year mortgages

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Long-term mortgage rates ended the week mixed, with the 30-year fixed-rate average rising, as markets reacted to news of higher inflation. The average rate on 30-year fixed-rate loans edged up to 6.06 percent from last week's 6.03 percent, while the average rate on 15-year fixed loans dipped from 5.62 percent to 5.59 percent. A year ago the 30-year averaged 6.16 percent and the 15-year averaged 5.87 percent. To qualify for these rates, borrowers must pay points, or fees that lenders charge for loan processing expressed as a percent of the loan, which this week averaged 0.5 on the 30- and 15-year loans. "This week saw little change in mortgage rates on mixed news of higher inflation and a weaker housing market," Frank Nothaft, Freddie Mac vice president and chief economist, said in a statement. "Additionally, in its most recent policy committee statement on April 30, the Federal Reserve (Fed) indicated it expects inflation to moderate in coming quarters, b...