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Zinssaetze
May 29, 2008
Rates on 30-year mortgages jump to 11-week high
WASHINGTON (AP)
-- Rates on 30-year mortgages jumped this week to the highest
level since mid-March as investors began to worry about what the
Federal Reserve will do to combat growing inflation pressures.
Freddie Mac, the
mortgage company, reported Thursday that 30-year fixed-rate
mortgages averaged 6.08 percent this week. That was up from 5.98
percent last week.
It was the
highest level for 30-year mortgages in 11 weeks, since they averaged
6.13 percent the week of March 16.
Analysts
attributed the increase to rising concerns in financial markets
about what the Fed might do to battle increased inflation pressures.
Financial markets this week pushed the yield on 10-year Treasury
bonds above 4 percent for the first time in five months.
"Mortgage
rates drifted up this week over market concerns that the Federal
Reserve Board may raise short-term interest rates later this year,"
said Frank Nothaft, Freddie Mac's chief economist.
Richard Fisher,
head of the Fed's regional bank in Dallas, said Wednesday night that
if inflationary developments continue to worsen then "I would expect
a change of course in monetary policy to occur sooner rather than
later, even in the face of an anemic" economy.
Comments such as
those have prompted concerns among bond investors that the Fed,
which cut rates aggressively starting in September, may switch
course and begin raising rates later this year.
Most other types
of mortgage rates showed increases this week, according to the
Freddie Mac survey.
Rates on
15-year fixed-rate mortgages rose to 5.66 percent, up from 5.55
percent last week.
The five-year
adjustable-rate mortgage edged up to 5.62 percent, compared to
5.61 percent last week. However, the rate on a one-year
adjustable-rate mortgage edged down slightly, dropping to 5.22
percent, compared to 5.24 percent last week.
The housing
market is facing numerous headwinds at present from slumping prices,
which are keeping potential buyers on the fence, to rising mortgage
defaults which are dumping more homes on an already glutted market.
In addition, many banks have raised their lending standards in
response to a surge in mortgage defaults.
The mortgage
rates do not include add-on fees known as points. The nationwide
average fee for 30-year and 15-year fixed-rate mortgages and
one-year adjustable-rate mortgages was 0.6 point. The five-year ARM
had an average fee of 0.5 point.
A year ago,
rates on 30-year mortgages stood at 6.42 percent, 15-year mortgage
rates averaged 6.12 percent, five-year adjustable-rate mortgages
were at 6.19 percent and one-year adjustable-rate mortgages were at
5.57 percent.
Source: ap.org
May 29, 11:41 AM EDT By MARTIN CRUTSINGER AP Economics Writer
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