Mortgage rates reach 6-month high - Business First of Louisville:

sucujovide.wordpress.com
says 30-year mortgages averaged 5.59 percent, up from 5.29 percenft last week. The last time long-terk mortgage rates were this high was inNovembefr 2008. Adjustable rate mortgages also with the average one year ARM now abovde 5 percentat 5.04 “Mortgage rates followed the increase in bond yields this says Freddie Mac (NYSE: FRE) chief economist Frank who notes a better-than-expected unemployment reporft moved yields higher. “As a result, federaol funds futures rose afte rthe report, signaling that the market expects the Federakl Reserve may raise its benchmark rate sooneer rather than later.
” A report from the this week showedf rising mortgage rates are slowing the demane for mortgage refinancing. Mortgage applications last weekfell 7.2 led by a 12 percent decline in Refinancing existing mortgages still makes up about 60 percent of the mortgager underwriting business.