Refinance Home Mortgage Loans

Rates on 30-year Mortgages Reach 7 Week High

By:

MortgageLoan.com | May 02, 2008

Long-term mortgage rates ended the week mixed, with the 30-year fixed rate average rising, as markets reacted to news of higher inflation.

Freddie Mac reported on Thursday that 30-year fixed rate mortgages averaged 6.06 percent this week, which is higher than 6.03 at the same period last week. It marked the second week that 30-year rates have been above 6 percent and the highest level since mortgages averaged 6.13 percent the week of March 16.

One-year adjustable rate mortgages remained unchanged at an average of 5.29 percent. A year ago, 30-year mortgage rates averaged 6.16 percent, 15-year mortgages 5.87 percent and the one-year ARM 5.42 percent. The 5/1 ARM averaged 5.87 percent.

"This week saw little change in mortgage rates on mixed news of higher inflation and a weaker housing market," Frank Nothaft, Freddie Mac vice president and chief economist, said in a statement.