Reply #80: US 30-year mortgage rates highest since mid-November

[UpInArms]

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-03-09T172223Z_01_N09441035_RTRIDST_0_ECONOMY-MORTGAGES.XML

WASHINGTON, March 9 (Reuters) - Average interest rates on U.S. 30-year fixed rate mortgages rose in the latest week to their highest levels since mid-November, according to a survey released by mortgage finance company Freddie Mac on Thursday.

Rates on 30-year mortgages rose to an average of 6.37 percent -- the highest since a matching rate in the Nov. 17, 2005 week -- from 6.24 percent last week.

Fifteen-year mortgages also rose to an average of 6.00 percent in the week from 5.89 percent last week, Freddie Mac said. These have not averaged 6 percent or above since the week ended July 12, 2002.

One-year adjustable rate mortgages averaged 5.45 percent, also up from 5.34 percent a week earlier.

A year ago, 30-year mortgages averaged 5.85 percent, 15-year mortgages 5.38 percent and the one-year ARM 4.24 percent.

"Financial markets are beginning to think that the Fed (Federal Reserve) will hike rates three more times this year, instead of two, putting upward pressure on mortgage rates," Frank Nothaft, Freddie Mac vice president and chief economist, said in a statement.

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