Mortgage Rates Close In On 6 Percent
Posted: 10:32 am MDT August 11, 2005Updated: 10:48 am MDT August 11, 2005
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
Distributed by Internet Broadcasting Systems, Inc. The Associated Press contributed to this report. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.













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