Mortgage costs edge up, reflecting inflation worries
By Martin Crutsinger
Associated Press
WASHINGTON — Rates on 30-year mortgages remained above 6 percent, edging up to the highest level in seven weeks and reflecting continued financial market concerns about inflation.
Mortgage giant Freddie Mac reported yesterday that 30-year fixed-rate mortgages averaged 6.06 percent this week, up slightly from 6.03 percent last week.
It marked the second week that 30-year rates have been above 6 percent and was the highest level since these mortgages averaged 6.13 percent the week of March 16.
Rates on other types of mortgages were mixed this week.
The average rate on 15-year, fixed-rate mortgages, a popular choice for refinancing, dipped to 5.59 percent this week, down from 5.62 percent last week.
Five-year adjustable-rate mortgages rose to 5.73 percent, up from 5.68 percent last week. One-year adjustable-rate mortgages were unchanged at 5.29 percent, the same as last week.