Newspaper article THE JOURNAL RECORD

Mortgage Rates Continue to Climb

Newspaper article THE JOURNAL RECORD

Mortgage Rates Continue to Climb

Article excerpt

WASHINGTON (AP) -- Mortgages rates shot up again this week with 30-year and 15-year mortgages reaching their highest levels since early 1995. The rate on one-year adjustable mortgages hit a nearly nine-year high.

The average interest rate on 30-year fixed-rate mortgages climbed to 8.64 percent for the week ending May 19 from 8.52 percent the previous week, according to a survey released Thursday by Freddie Mac, the mortgage company. This time a year ago, 30-year mortgages averaged 7.23 percent.

This week's 8.64 percent rate was the highest since Feb. 24, 1995, when the 30-year rate averaged 8.73 percent.

Fifteen-year mortgages, a popular option for refinancing, also rose this week to 8.31 percent, up from 8.17 percent. This time a year ago, 15-year mortgages were at 6.83 percent.

The 8.31 percent rate also was the highest since Feb. 24, 1995, when 15-year mortgage rate averaged 8.34 percent.

On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 7. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.