Mortgage rates go slightly higher
By Martin Crutsinger
Associated Press
WASHINGTON — Rates on 30-year mortgages rose slightly this week, reversing last week's brief decline.
Mortgage giant Freddie Mac reported yesterday that 30-year fixed-rate mortgages averaged 6.30 percent this week, up from 6.28 percent last week. Last week had been the first decline in rates since early December.
Many analysts think that 30-year mortgages will remain in a narrow band between 6.3 percent and 6.5 percent for the rest of this year, with the Fed expected to keep interest rates unchanged for much of that time.
The Freddie Mac survey found that other types of mortgage rates also rose slightly this week.
Rates on 15-year fixed-rate mortgages, a popular choice for refinancing, edged up to 6.03 percent, compared to 6.02 percent last week.
Five-year adjustable-rate mortgages rose to 6.01 percent, up from 5.99 percent last week.
One-year ARMs rose to 5.52 percent, up from 5.49 percent last week.
The mortgage rates do not include add-on fees known as points. Thirty-year and 15-year mortgages each carried a nationwide average fee of 0.4 point. Five-year mortgages carried an average fee of 0.5 point, and one-year mortgages a fee of 0.6 point.
A year ago, rates on 30-year mortgages stood at 6.28 percent and 15-year mortgages were at 5.91 percent, five-year adjustable rate mortgages averaged 5.95 percent and one-year ARMs were at 5.36 percent.