Mortgage Rates Inch Up
Following four consecutive weekly declines, Freddie Mac reports a jump in the 30-year fixed mortgage rate to 5.68 percent during the week ended Jan. 31 from 5.48 percent the prior week. The 15-year fixed mortgage rate rose to 5.17 percent from 4.95 percent over the same time span.Meanwhile, the five-year adjustable mortgage rate edged up to 5.32 percent from 5.13 percent; and the one-year ARM climbed to 5.05 percent from 4.99 percent. Freddie Mac chief economist Frank Nothaft attributes the recent gains to an uptick in 10-year Treasury bonds.
Source: San Jose Mercury News (Calif.), Martin Crutsinger (02/01/08)
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