Interest rates up again this week

August 11, 2005 Once again this week 30-year mortgages hit their highest level seen in the past four months. Furthermore adjustable rate mortgages rose to their highest level in more than three years.

Industry analytic giant Freddie Mac said Thursday that home loan interest rates for 30-year mortgages climbed to an average of 5.89%. this is an increase from 5.82% seen last week. This week's climb in 30 year mortgage rates marks the sixth consecutively.

Following the trend set by 30 Year Rates, adjustable rate mortgages rose to 4.57%, up from a 4.47% last week. Noteworthy is the fact that this week we saw the highest level of one year adjustable rates than we have seen in over three years.

Perhaps to blame for across-the-board interest rate increases was did Federal Government's job report which was released last Friday. This report showed that our economy is increasing, particularly in the area of jobs, or 207,000 were created in July alone. The increase in jobs was the largest seen in the past three months. - News article by Nolan Voight for CMR Loans News.

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