Rates Jump Higher

Rates Jump Higher

Freddie Mac reports a jump in the 30-year fixed mortgage rate to a 25-week high of 5.29 percent during the week ended June 4,up from 4.91 percent the prior week. The 15-year fixed rate also increased,rising to 4.79 percent from 4.53 percent,with Freddie Mac chief economist Frank Nothaft indicating that the gains follow a surge in long-term bond yields. Meanwhile,the five-year adjustable mortgage rate climbed to 4.85 percent from 4.82 percent;and the one-year ARM surged to 4.81 percent from 4.69 percent.

[SOURCES:Freddie Mac;Information,Inc.]