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The Honolulu Advertiser
Posted on: Friday, August 5, 2005

Mortgage rates continue climb

Associated Press

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WASHINGTON — Mortgage rates continued their upward climb this week, with rates on 30-year mortgages rising to their highest point since the middle of April.

In its weekly survey, mortgage giant Freddie Mac reported yesterday that rates on 30-year, fixed-rate mortgages rose to a nationwide average of 5.82 percent, up from 5.77 percent last week.

It marked the fifth week in a row that rates on 30-year mortgages went up. This week's increase left rates on 30-year mortgages at their highest since they averaged 5.91 percent for the week ending April 14.

Yet rates on 30-year mortgages are still considered good and have stayed below 6 percent for all but two weeks this year. That has helped to propel home sales to record levels in June.

Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing a home mortgage, averaged 5.38 percent this week, compared with 5.34 percent last week. This week's rate also was the highest since the middle of April.

Rates on five-year hybrid adjustable rate mortgages averaged 5.30 percent this week, up from 5.27 percent last week.

A year ago, 30-year mortgages averaged 5.99 percent, 15-year mortgages were at 5.40 percent and one-year ARMs averaged 4.08 percent. Freddie Mac does not have historical data on the five-year ARM which it began tracking this year.