30-year mortgages climb to 9-month high of 6.45%

Associated Press

June 27, 2008

WASHINGTON - Rates on 30-year mortgages rose again this week, climbing to the highest level in more than nine months, reflecting more concerns about how the Federal Reserve will respond to higher inflation pressures.

Freddie Mac, the mortgage company, reported yesterday that 30-year fixed-rate mortgages averaged 6.45 percent this week. That was up from 6.42 percent last week.

It was the highest level for 30-year mortgages since they averaged 6.46 percent for the week of Sept. 9. It marked the fifth consecutive weekly increase and the fifth week that they have been above 6 percent.

Rates on 15-year fixed-rate mortgages rose to 6.04 percent, up from 6.02 percent last week.

The five-year adjustable-rate mortgage rose to 5.99 percent, up from 5.89 percent. The rate on a one-year adjustable-rate mortgage rose to 5.27 percent, compared with 5.19 percent last week.

The mortgage rates do not include add-on fees known as points. The fee for 30-year, 15-year and one-year mortgages averaged 0.6 point. Five-year mortgages averaged 0.7 point.