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%.