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30-year rates at highest level in seven months
CommentsWASHINGTON – Rates for 30-year home loans jumped to the highest level in seven months this week, leading to a slowdown in refinancing activity, mortage giant Freddie Mac said Thursday.
The average rate for a 30-year fixed mortgage was 5.59 percent this week, up from 5.29 percent last week, Freddie Mac said. The last time the average 30-year fixed rate mortgage was higher was the week ended Nov. 26 of last year, when it averaged 5.97 percent.
Frank Nothaft, Freddie Mac’s chief economist, said the higher rates followed an increase in bond yields, a barometer for interest rates on mortgages.
Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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