Friday, July 15, 2005

Rates Rise for Second week

July 15, 2005) -- The 30-year mortgage rate jumped to 5.66 percent this week from 5.62 percent a week ago, marking the second consecutive weekly increase, according to Freddie Mac.

Interest on 15-year loans rose as well, floating up to 5.25 percent from 5.20 percent over the same time span. Meanwhile, the one-year adjustable mortgage rate climbed to 4.39 percent from 4.33 percent; but the five-year hybrid adjustable rate slipped to 5.15 percent from 5.19 percent.

Freddie Mac attributes the generally higher rates to an expectation of stronger economic growth.

Source: The Wall Street Journal (07/15/05)

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