Mortgage rates keep climbing
Freddie Mac economist anticipates rates to keep climbing in 2006, pegs 30-year mortgage at 6.3 percent at year end.
NEW YORK (CNNMoney.com) - The average rate for 30-year fixed-rate mortgages rose to 6.24 percent for the week ending Feb. 9, up from 6.23 percent in the prior week, a Freddie Mac survey said.
In the year-ago period, the 30-year mortgage averaged 5.57 percent.
The average rate on 15-year fixed-rate mortgages rose to 5.83 percent, up from last week's 5.81 percent. A year ago, the loan averaged 5.10 percent.
Five-year adjustable-rate mortgages averaged 5.89 percent, up from 5.87 percent the previous week. In the year-ago period, the five-year averaged 4.99 percent.
One-year adjustable-rate mortgages averaged 5.34 percent, up from 5.33 percent the week prior. At this time last year, the one-year loan averaged 4.11 percent.
"With no big economic news to influence the direction of mortgage rates this week, the numbers drifted very slightly upward," Frank Nothaft, Freddie Mac vice president and chief economist said in a statement. "We see this trend continuing throughout 2006, with the 30-year FRM ending the year at about 6.3 percent as the housing market eases back from last year's record setting levels toward a somewhat more normal rate of activity."
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