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The Honolulu Advertiser
Posted on: Friday, September 23, 2005

30-year mortgages rise to 5.80%; 15-year fixed rates average 5.37%

 •  Hawai'i Real Estate Report

Associated Press

WASHINGTON — Rates on 30-year mortgages rose a second straight week as financial markets reacted to the decision by the Federal Reserve to keep pushing interest rates higher because of worries about inflation.

Mortgage giant Freddie Mac reported yesterday that the nationwide average for rates on 30-year, fixed-rate mortgages rose this week to 5.80 percent, up from 5.74 percent last week.

It was the second consecutive weekly increase and pushed the 30-year rate to its highest level in five weeks.

Rates on 15-year, fixed-rate mortgages averaged 5.37 percent this week, up from 5.32 percent last week.

One-year adjustable rate mortgages rose slightly to 4.48 percent from 4.46 percent last week. In mid-August, one-year ARMs hit their highest level in more than three years at 4.58 percent.

Rates on five-year hybrid adjustable rate mortgages averaged 5.31 percent this week, up from 5.26 percent last week.