Long-term mortgage rates up
By Jeannine Aversa
Associated Press Economics Writer
WASHINGTON — Rates on 30-year and 15-year mortgages rose this week, more unwelcome news for the troubled housing industry.
Mortgage company Freddie Mac reported yesterday that 30-year fixed-rate mortgages averaged 5.88 percent for the week ending April 3. That was up from last week's 5.85 percent.
Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing, rose this week to 5.42 percent, up from 5.34 percent last week.
"Housing ... continues to be a drag on the economy," said Frank Nothaft, Freddie Mac's chief economist.
However, rates on shorter term mortgages dipped this week
For five-year adjustable-rate mortgages, rates dropped to 5.59 percent, from 5.67 percent last week. And, rates on one-year, adjustable-rate mortgages averaged 5.19 percent this week, down from 5.24 percent in the prior week.