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

http://webes.info/index.php?s=D&c=489
says 30-year mortgages averaged 5.59 up from 5.29 percent last week. The last time long-terkm mortgage rates were that high wasin November. Adjustable-ratr mortgages also rose, with the average one-year ARM now abovw 5 percent at 5.04 percent. “Mortgagwe rates followed the increas in bond yieldsthis week,” says Freddie Mac (NYSE:FRE) Chiegf Economist Frank Nothaft. He says a better-than-expected unemploymen report movedyields higher. “Asa a result, federal funds futures rose after the signaling that the market expects the Federal Reserve may raisde its benchmark rate sooner ratherethan later.
” A report from the this week showexd rising mortgage rates are slowing the demand for mortgage Mortgage applications last week fell 7.2 led by a 12 percent decline in Refinancing of existing mortgages stil makes up about 60 percent of the mortgagse underwriting business.