Mortgage Rates Creep Back Up

After hitting a four-month low of 6.31% two weeks ago, long-term mortgage rates continue to climb. Freddie Mac reports that interest on 30-year fixed loans spiked up to 6.42% last week from 6.34% a week ago, while 15-year fixed mortgages moved up to 6.09% from 5.98%. Contrary to the upward shift in long-term rates, initial interest on one- and five-year adjustable-rate mortgages dipped for the fourth week in a row, according to Freddie Mac. The Mortgage Bankers Association, meanwhile, says that ARMs continue to lose market share and currently are at their lowest level in about four and a half years!