Mortgage Rates Rise for 2nd Week

Baltimore Sun (12/21/07)
After sinking to a two-year low just two weeks ago, mortgage rates have returned to an upward trajectory. Freddie Mac numbers showed that interest on 30-year fixed home loans averaged 6.14 percent for the current week, up from 6.11 percent the week before; while 15-year fixed loans bumped up to 5.79 percent from 5.78 percent over that same period. One-year adjustable-rate mortgages came edged up to 5.51 percent from 5.50 percent; and five-year ARMs settled at 5.90 percent, up a notch from 5.89 percent last week. "Stronger-than-expected inflation reports and retail sales for November put upward pressure on long-term interest rates last week," remarked Freddie Mac chief economist Frank Nothaft.