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Mortgage rates tilt higher
Rates advance for a second straight week as 30-year hits 5.69%, 15-year up to 5.22%.
February 24, 2005: 11:28 AM EST
Mortgage Rates
30 yr fixed 3.80%
15 yr fixed 3.20%
5/1 ARM 3.84%
30 yr refi 3.82%
15 yr refi 3.20%

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NEW YORK (CNN/Money) - Long-term mortgage rates rose for the second straight week as worries about inflation filtered into the housing market, Freddie Mac said Thursday.

The average rate on 30-year fixed-rate mortgages rose to 5.69 percent in the week ended Thursday, with an average 0.7 of a point payable up front, from 5.62 percent the previous week.

A year ago, the average rate on the 30-year fixed-rate loan stood at 5.58 percent.

The 15-year mortgage rate averaged 5.22 percent, with a 0.7 percent payable up front, up from 5.14 percent in the previous week.

A year ago, the 15-year rate averaged 4.89 percent.

Five-year adjustable-rate mortgages (ARMs) averaged 5.05 percent, with an average 0.8 point payable up front, which was unchanged from last week.

There was year ago figure since Freddie Mac only began tracking this mortgage rate at the start of this year.

One-year ARMs averaged 4.16 percent, up slightly from last week's 4.15 percent, with 0.8 of a point payable up front. At this time last year, the one-year ARM rate averaged 3.5 percent.

"Mortgage rates moved up for the second week in a row on concerns about a pick up in inflation showing up in raw materials," said Frank Nothaft, Freddie Mac vice president and chief economist.

"However, a broader measure of inflation, the Consumer Price Index (CPI), posted a less-than-expected rise in inflation, causing bond yields to fall. This means that next week's survey results may retreat to prior levels of a week or two ago."

"Sales of existing homes in January are expected to be a little lower than they were in the previous months, but continuing low interest rates will keep the housing sector active for some time to come," he added.

Freddie Mac's (up $0.18 to $60.29, Research) average mortgage rates are based on a survey of 125 lenders nationwide.  Top of page


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