Mortgage Rates Close In On 6 Percent
POSTED: 12:32 pm EDT August 11,
2005
UPDATED: 12:48 pm EDT August 11,
2005
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McLEAN, Va. -- Mortgage rates edged higher again this week. Mortgage company Freddie Mac said its weekly survey found that the 30-year fixed-rate mortgage averaged 5.89 percent, up from last week when it was at 5.82 percent.Last year at this time, the 30-year averaged 5.85 percent.A competing survey from Bankrate.com had 30-year fixed-rate mortgage climbing from 5.91 percent to 5.96 percent.Freddie Mac's survey found the average for 15-year mortgages this week was 5.47 percent, up from last week when it averaged 5.38 percent.Bankrate.com's survey found that the average 15-year mortgage rate increased from 5.51 percent to 5.56 percent. Freddie Mac economist Frank Nothaft said the stronger-than-expected employment report -- coupled with upward revisions in job growth for the previous two months -- has renewed the markets' fear of inflation.That has rates rising.He said as mortgage rates drift upward, housing activity should moderate.
Previous Stories:
- August 10, 2005: Housing Costs Price More Out Of Ownership
- August 9, 2005: Fed Boosts Interest Rates Another Quarter-Point
- August 4, 2005: Mortgage Rates Continue To Edge Higher
- July 28, 2005: Mortgage Rates Rise For Fourth Straight Week
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