Mortgage rates reach 6-month high - Washington Business Journal:

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says 30-year mortgages averaged 5.59 percent, up from 5.29 percenty last week. The last time long-ter mortgage rates were this high was inNovembee 2008. Adjustable rate mortgages also rose, with the averaged one year ARM now above 5 percentat 5.04 percent. “Mortgage rateds followed the increase in bond yields this says FreddieMac (NYSE: FRE) chier economist Frank Nothaft, who notes a better-than-expecteed unemployment report moved yields higher. “As a federal funds futures rose afterthe report, signaling that the market expects the Federal Reserve may raise its benchmark rate soonet rather than later.
” A report from the this week showeds rising mortgage rates are slowing the demand for mortgage refinancing. Mortgage applications last weekfell 7.2 led by a 12 percenrt decline in refinancing. Refinancing existing mortgages still makes up aboutf 60 percent of the mortgagseunderwriting business.