U.S. mortgage rates rise in week
Posted on: Thursday, 5 March 2009, 10:53 CST
Interest rates for 30-year, fixed-rate U.S. mortgages rose in the week ending March 5, the Federal Home Loan Mortgage Corp. said Thursday.
The 30-year, fixed-rate mortgage averaged 5.15 percent with an average 0.7 points in the week, Freddie Mac said. A week ago, 30-year, fixed-rate mortgages averaged 5.07 percent. A year ago, the average rate was 6.03 percent.
At 4.72 percent with an average 0.7 points, the 15-year, fixed-rate average also increased from a week ago, climbing from last week's average of 4.68 percent. A year ago, 15-year fixed-rate mortgages averaged 5.47 percent, the report said.
Mortgage rates followed bond yields higher this week following reports of record continuing jobless claims and a downward revision in economic growth in the fourth quarter of 2008,
said Frank Nothaft, Freddie Mac vice president and chief economist.
The housing market continues to slow as well,
he said, noting new home sales dropped 10.2 percent in January and pending existing home sales declined 7.7 percent.
Source: United Press International
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