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Freddie Mac says rates turned higher after six-week trend lower
WASHINGTON, May 9 () -- Average U.S. mortgage rates for long-term loans rose for the first time in six weeks in the week ended Thursday, the Federal Home Loan Mortgage Corp. said.Average rates on 30-year fixed rate loans rose from 3.35 percent to 3.42 percent with an average 0.7 point, Freddie Mac said.Average rates for 15-year fixed rate loans rose from 2.56 percent to 2.61 percent with an average 0.7 point.Average interest rates for five-year adjustable rate mortgages rose from 2.56 percent to 2.58 percent with 0.6 point, Freddie Mac said. And one-year adjustable rate mortgages using 10-year bonds as a benchmark averaged 2.53 percent with 0.4 point in the week, down from 2.56 percent in the previous week.One point is equal to 1 percent of the amount of the loan and is typically paid up front. It includes a corresponding discount on the loan's long-term interest rates."Fixed mortgage rates edged up following a solid employment report for April. The economy gained 165,000 new jobs on net last month, more than the market consensus forecast and the largest monthly increase this year,[url=http://www.govtvault.com/]gucci outelt store[/url]," said Frank Nothaft, vice president and chief economist at Freddie Mac. |
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