30-Year Mortgages Hit Highest Rates Since '02

30-Year Mortgages Hit Highest Rates Since '02(May 26, 2006)
Long-term mortgage rates continued their upward trend this week, reaching the highest point since June 2002. According to Freddie Mac, interest on 30-year loans bumped up to 6.62 percent from 6.60 percent; while 15-year mortgage rates rose to 6.23 percent from 6.20 percent. Adjustable-rate mortgages bucked the trend, with the one-year ARM dipping to 5.61 percent from 5.62 percent last week and five-year ARMs dropping to 6.21 percent from 6.23 percent over the same period. All of the rates are up noticeably from a year ago, when the averages held at 5.65 percent for 30-year mortgages, 5.21 percent for 15-year loans, 4.21 percent for one-year ARMs, and 5.07 percent for five-year ARMs. Get More info at www.mawestrealty.com

Source: Contra Costa Times, Martin Crutsinger (05/26/06)