WASHINGTON — Rates on 30-year mortgages topped 6% on average for the first time in six weeks as financial markets grew more worried about rising inflation.
Freddie Mac, the mortgage company, reported Thursday that 30-year fixed-rate mortgages averaged 6.03% this week after three straight weeks at 5.88%. Rates on 30-year mortgages were last above 6% the week of March 16, when they averaged 6.13%.
Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing, rose this week to 5.62%, up from 5.40% last week.
Five-year adjustable-rate mortgages rose to 5.68% from 5.48% last week. One-year adjustable-rate mortgages rose to 5.28% from 5.10% last week.
The mortgage rates do not include add-on fees known as points. For 30-year and 15-year mortgages, the nationwide average fee was 0.3 point while the average fee was 0.5 point for 5-year and one-year mortgages.
Bill Hampel, chief economist for the Credit Union National Association, says while interest rates rose this week they still remain at historically favorable levels. He said the bigger problem for the housing industry is that many lenders have tightened credit standards in reaction to rising mortgage defaults, making it harder for prospective buyers to qualify for loans.
