Mortgage Rates Rise For Fourth Straight Week
POSTED: 1:28 pm EDT July 28,
2005
UPDATED: 1:46 pm EDT July 28,
2005
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MCLEAN, Va. --
Mortgage rates edged higher in the past week, rising for the fourth consecutive week. In its weekly survey, mortgage giant Freddie Mac said Thursday that 30-year fixed-rate mortgages averaged 5.77 percent, up from last week's 5.73 percent.Last year at this time, the 30-year fixed averaged almost 6.1 percent.A competing survey from Bankrate.com showed 30-year fixed-rate mortgages at 5.84 percent, up from 5.78 percent last week. The average for 15-year mortgages also edged higher, rising to 5.34 percent this week from 5.32 percent last week.Although rates inched higher, they remain low by historical standards. Freddie Mac's chief economist, Frank Nothaft, said although it is inching upward, the average 30-year-fixed mortgage rate for the month of July was lower than the annual averages since the survey began in 1971. It was reported earlier this week that both new and existing home sales set records in June. Low mortgage rates were cited as a big reason for the stellar sales pace.
Previous Stories:
- July 27, 2005: New Home Sales Set Record, Keep Housing Market Sizzling
- July 25, 2005: Existing Home Sales Set Record In June
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