30-Year Mortgage Rates Move to 6.13 Percent from 6.03 Percent

Baltimore Sun (03/14/08)
Long-term mortgage rates continued in an upward trajectory that began four weeks ago, according to Freddie Mac. The mortgage concern reported that interest on 30-year fixed loans climbed to an average of 6.13 percent this week from 6.03 percent the prior week; while 15-year fixed rates jumped to 5.60 percent from 5.47 percent. Adjustable rates were up as well, with the five-year ARM settling at 5.58 percent compared to 5.34 percent a week ago and the one-year ARM landing at 5.14 percent compared to 4.94 percent. Despite the upward trend in mortgage rates over the past month, housing analysts say borrowing costs are still favorably low and should help pull the residential property market out of its worst slump in more than 20 years.