Mortgage rates rose again last week, with 30-year mortgages hitting their highest level in four months and one-year adjustable rate mortgages rising to the highest level in more than three years.
In its weekly survey, mortgage giant Freddie Mac reported Thursday that rates on 30-year, fixed-rate mortgages rose to a nationwide average of 5.89 percent, up from 5.82 percent two weeks ago.
It marked the sixth week in a row that rates on 30-year mortgages have risen, pushing them to the highest level since they averaged 5.91 percent for the week ending April 14.
For one-year adjustable rate mortgages, rates rose to 4.57 percent, up from 4.47 percent two weeks ago. That was the highest level for one-year ARMS in more than three years, since they averaged 4.66 percent in mid-July 2002.
Analysts attributed the latest increase to a strong jobs report Aug. 5, which showed the economy created 207,000 jobs in July, the biggest increase in mortgage rates in three months.
Although strong job growth can put pressure on wages, Federal Reserve officials say they have seen no indications as of yet that wage pressures are starting to intensify.
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My name is Rob Regehr and I’m a personal finance writer with a chip on my shoulder for banks and brokers that take advantage of my friends and neighbors.
