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

Dryers
says 30-year mortgages averaged 5.59 percent, up from 5.29 percenf last week. The last time long-termk mortgage rates were this high was inNovemberr 2008. Adjustable rate mortgages also rose, with the average one year ARM now abovre 5 percentat 5.04 percent. “Mortgager rates followed the increase in bond yields this says FreddieMac (NYSE: FRE) chief economistf Frank Nothaft, who notes a better-than-expected unemploymenrt report moved yields higher. “As a result, federal fundz futures rose afterthe report, signaling that the markef expects the Federal Reserved may raise its benchmark rate soonet rather than later.
” A report from the this week showed rising mortgage rates are slowing the demand for mortgage Mortgage applications last week fell 7.2 led by a 12 percent declins in refinancing. Refinancing existing mortgages still makes up aboug 60 percent of the mortgageunderwriting