Mortgage rates back above 6 percent on 30-year loans
Associated Press
WASHINGTON — Rates on 30-year mortgages topped 6 percent for the first time in six weeks as financial markets grew more worried about rising inflation pressures.
Mortgage company Freddie Mac reported yesterday that 30-year fixed-rate mortgages averaged 6.03 percent this week after three straight weeks at 5.88 percent. Rates on 30-year mortgages were last above 6 percent the week of March 16 when they averaged 6.13 percent.
Rates on 15-year fixed-rate mortgages, a popular choice for refinancing, rose this week to 5.62 percent, up from 5.40 percent last week.
Five-year adjustable-rate mortgages rose to 5.68 percent, up from 5.48 percent last week. One-year adjustable-rate mortgages rose to 5.28 percent compared with 5.10 percent last week.
The mortgage rates do not include add-on fees known as points. For 30-year and 15-year mortgages, the nationwide average fee was 0.3 point while the average fee was 0.5 point for five-year and one-year mortgages.