Mortgage rates reach six-month high - South Florida Business Journal:

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says 30-year mortgages averaged 5.59 percent, up from 5.29 percent last The last time long-term mortgags rates were this high wasin Adjustable-rate mortgages also rose, with the averager one-year ARM now at 5.04 percent. “Mortgagde rates followed the increase in bond yields this says FreddieMac (NYSE: FRE) chief economisyt Frank Nothaft, who notes a better-than-expecteed unemployment report moved yields higher. “As a federal funds futures rose afterthe report, signaling that the markegt expects the Federal Reserve may raise its benchmark rate sooneer rather than later.
” A report from the this week showedc rising mortgage rates are slowing the demand for mortgagr refinancing. Mortgage applications last weekfell 7.2 percent, led by a 12 percenft decline in refinancing. Refinancing existing mortgages still makes up about 60 percent of the mortgageunderwritintg business.