Mortgage rates climb again

NEW YORK (CNNMoney.com) -- Mortgage rates rose again this week on strong economic growth outside of the housing market, according to a weekly report from Freddie Mac Thursday.

The average rate on 30-year fixed-rate loans climbed to 6.42 percent for the week ending May 31, up from 6.37 percent the previous week, the mortgage finance firm said. Last year at this time, 30-year mortgage rate averaged 6.67 percent.

"Interest rates on fixed-rate mortgages increased further this week following stronger growth in orders for durable goods," Frank Nothaft, Freddie Mac's chief economist, said in a statement. "Recent reports have indicated that economic growth outside of the housing market remains robust, with a healthy consumer sector and improving business spending."

Last week the report on costly and long-lasting goods showed selected strength, despite a weaker-than-expected April increase of 0.6 percent.

The rate on 15-year loans averaged 6.12 percent, up from 6.06 the previous week, Freddie Mac (up $0.00 to $67.09, Charts, Fortune 500) said. A year ago, the 15-year rate averaged 6.26 percent.

Five-year adjustable-rate mortgages rose to 6.19 percent from 6.02 percent last week. The five-year ARM averaged 6.26 percent a year ago.

The average one-year adjustable-rate mortgage averaged 5.57 percent, down from 5.64 the previous week. At this time last year, the loan averaged 5.68 percent.