NEW YORK (CNN/Money) -
Mortgage rates rose this week, a Freddie Mac survey said, and an economist at the government-chartered lender said the housing market is likely to slow.
Freddie Mac said the average rate on 30-year fixed-rate mortgages rose to 5.80 percent this week, up from last week's 5.74 percent.
In the year-ago period, the 30-year mortgage averaged 5.70 percent.
The average rate on 15-year fixed rate mortgages edged higher to 5.37 percent, up from 5.32 percent the previous week. The loan averaged 5.10 percent last year.
"Mortgage rates look like they are back on track where the Fed wants them, which is gradually rising," said Frank Nothaft, vice president and chief economist at Freddie Mac. "Freddie Mac's economic forecast calls for a cooling of the housing market going into next year, and gently rising rates are part of that scenario.
"However, the resiliency of the housing sector continues to amaze," said Nothaft. "2005 will be another banner year for the housing industry."
Five-year adjustable-rate mortgages averaged 5.31 percent, compared to 5.26 percent the previous week. There is no data available for a year-to-year comparisons since Freddie Mac only began tracking the 5-year loans this year.
One-year adjustable-rate mortgages averaged 4.48 percent, up slightly from 4.46 percent the week before. At this time last year, the one-year loan averaged 4.00 percent.
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