Interest Rates Up
Rates on 30-year mortgages rose this week to the highest level in 15 months while one-year adjustable rate mortgages climbed to the highest level in 4 1/2 years. Analysts expect rising mortgage rates to cool the booming housing market in coming months.
Mortgage giant Freddie Mac reported Thursday that the nationwide average for 30-year, fixed-rate mortgages rose this week to 6.10 percent, the highest level since 30-year mortgages were at 6.21 percent in late July 2004.
Last week the 30-year mortgage had risen to 6.03 percent, marking the first time it had been above 6 percent since the last two weeks in March.
