Mortgage-Rate Average Rises Above 5%, First Time In 3 Months

By: Associated Press Email
By: Associated Press Email

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Thursday, June 4, 2009

With rates on long-term government debt on the rise, mortgage rates are edging up.

Mortgage finance giant Freddie Mac says rates on 30-year home loans surged above 5% for the first time in nearly three months this week.

The average for 30-year fixed-rate mortgages rose to 5.29%. That is up from an average of 4.91% a week earlier. It is the highest weekly average in nearly six months.

Similarly, the average rate on a 15-year fixed-rate mortgage rose to 4.79% this week. That is up from 4.53%.

Rates on five-year, adjustable-rate mortgages inched up to 4.85% from 4.82% last week. Rates on one-year, adjustable-rate mortgages rose to 4.81% from 4.69%.

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