Mortgage Rates Rise
Mortgage rates around the country went up this week, with rates on 30-year mortgages climbing to their highest point since late December.
Mortgage company Freddie Mac, in its weekly nationwide survey released Thursday, reported that rates on 30-year, fixed-rate mortgages rose to 6.23 percent for the week ending Feb. 2. That was up from 6.12 percent last week and was the highest rate since the week ending Dec. 22.
Rates are rising amid investors' concerns about inflation flaring up.
"Declines in worker productivity coupled with accelerating labor costs increase the threat of inflation down the road," said Frank Nothaft, Freddie Mac's chief economist. "Inflationary pressure generated by these two factors pushes long-term mortgage rates upward, which is why we have seen rates rise these last two weeks."
Before that, rates on 30-year mortgages had been drifting downward.
Meanwhile, rates on 15-year, fixed-rate mortgages, a popular choice for refinancing home mortgages, averaged 5.81 percent this week, up from 5.70 percent last week.
One-year adjustable rate mortgages increased to 5.33 percent this week, compared with 5.20 percent last week. Rates on five-year hybrid adjustable rate mortgages rose to 5.87 percent this week, from 5.75 percent last week.
© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Mortgage company Freddie Mac, in its weekly nationwide survey released Thursday, reported that rates on 30-year, fixed-rate mortgages rose to 6.23 percent for the week ending Feb. 2. That was up from 6.12 percent last week and was the highest rate since the week ending Dec. 22.
Rates are rising amid investors' concerns about inflation flaring up.
"Declines in worker productivity coupled with accelerating labor costs increase the threat of inflation down the road," said Frank Nothaft, Freddie Mac's chief economist. "Inflationary pressure generated by these two factors pushes long-term mortgage rates upward, which is why we have seen rates rise these last two weeks."
Before that, rates on 30-year mortgages had been drifting downward.
Meanwhile, rates on 15-year, fixed-rate mortgages, a popular choice for refinancing home mortgages, averaged 5.81 percent this week, up from 5.70 percent last week.
One-year adjustable rate mortgages increased to 5.33 percent this week, compared with 5.20 percent last week. Rates on five-year hybrid adjustable rate mortgages rose to 5.87 percent this week, from 5.75 percent last week.
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