Mortgage Rates Rise On Inflation Jitters
Rates Climb For 4th Consecutive Week
POSTED: 1:28 pm EDT October 6,
2005
UPDATED: 1:34 pm EDT October 6,
2005
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McLEAN, Va. -- The average rate for 30-year fixed-rate mortgages has hit a six-month high. According to Freddie Mac, the rate jumped to 5.98 percent this week from last week's average of 5.91 percent.That was the highest the 30-year has been since the end of March, when it averaged 6.04 percent. A year ago, it stood at 5.82 percent.A competing survey from Bankrate.com had the average 30-year fixed-rate mortgage jumping from 5.97 percent to 6.07 percent. Frank Nothaft, chief economist for Freddie Mac, said inflation jitters, caused in part by extended high energy costs, are responsible for the increases. Nothaft said he believed mortgage rates would continue to rise in coming months as the economy keeps growing but at "perhaps a slightly slower pace than in the recent past." The average for the 15-year fixed-rate mortgage, which is popular for refinancing, was 5.54 percent -- up from 5.48 percent last week.
Previous Stories:
- September 29, 2005: Rates On 30-Year Mortgages Hit 5-Month High
- September 15, 2005: Mortgage Rates Inch Higher
- September 8, 2005: Rates On 30-Year Mortgages Hold Steady
- August 18, 2005: Mortgage Rates Ease Slightly
- August 11, 2005: Mortgage Rates Close In On 6 Percent
- July 28, 2005: Mortgage Rates Rise For Fourth Straight Week
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