5/02/2006

30-year fixed-rate mortgage averages 6.58 percent this week

Mortgage rates have risen for the fifth consecutive week, the highest rates since 2002. "Consumer confidence and existing home sales unexpectedly rose. Much of this strength is attributed to a healthy labor market, which translates into greater consumer spending. This should support an active housing market over the next few months," according to Frank Nothaft, Freddie Mac vice president. We expect mortgage rates to gradually rise throughout the year," said Nothaft. "A stronger labor market, coupled with moderation in house price growth, means our outlook for overall housing conditions remains upbeat." Click here for the story.

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