Mortgage Rates Move Up!

San Diego real estate

(September 23, 2005) -- The average for rates on 30-year, fixed-rate mortgages rose this week to 5.80 percent, up from 5.74 percent last week. Industry observers say the increase comes in response to Federal Reserve's decision this week to hike short-term interest rates.

It is the second week in a row that mortgage rates have increased. "Mortgage rates look like they are right back on track where the Fed wants them, which is gradually rising," says Freddie Mac chief economist Frank Nothaft.

Rates on 15-year fixed mortgages averaged 5.37 percent, up from 5.32 percent last week. One-year adjustable rate mortgages rose slightly to 4.48 percent, while five-year hybrid adjustable rate mortgages increased to 5.31 percent.
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