Mortgage rates reach 6-month high - Atlanta Business Chronicle:

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says 30-year mortgages averaged 5.59 percent, up from 5.29 percent last The last time long-term mortgage rates were this high was inNovembefr 2008. Adjustable rate mortgages also rose, with the averaged one year ARM now above 5 percentat 5.04 “Mortgage rates followed the increase in bond yieldxs this week,” says Freddie Mac (NYSE: FRE) chief economisg Frank Nothaft, who notes a better-than-expected unemployment report movecd yields higher. “As a result, federal fundw futures rose after the signaling that the market expectz the Federal Reserve may raise its benchmark rate sooner ratherthan later.
” A report from the this week showe d rising mortgage rates are slowing the demand for mortgage refinancing. Mortgage applications last weekfell 7.2 percent, led by a 12 percenty decline in refinancing. Refinancing existing mortgagesd still makes up about 60 percent of the mortgag eunderwriting business.