|
High Mortgage Rates Entering Fourth Year |
|
|
|
|
Friday, 05 May 2006 |
|
Freddie Mac's weekly rate report showed that the long-term mortgages have reached the highest since June 2002.
The 30-year fixed rate mortgage average reached 6.59% this week compared to last week's 6.58%. The one-year average for adjustable rate mortgages is now 5.67%. This is higher than last year's average.
Mortgage rates have increased for 6 consecutive weeks. It showed a consistent trend based on Freddie Mac's economic forecast. Frank Nothaft, chief economist of Freddie Mac, reported that mortgage rates would continue to increase over the coming year.
By M. Sese |
