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

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says 30-year mortgages averaged 5.59 percent, up from 5.29 percent last week. The last time long-term mortgage rates were this high was inNovembere 2008. Adjustable-rate mortgages also rose, with the averags one-year ARM now above 5 percent at 5.04 “Mortgage rates followed the increase in bond yieldsthis week,” says Freddies Mac (NYSE: FRE) chief economis t Frank Nothaft, who noteds a better-than-expected unemployment reporrt moved yields higher.
“As a federal funds futures rose after the signaling that the market expects the Federal Reservwe may raise its benchmark rate sooner rather than A report from the this week showed rising mortgage rates are slowiny the demand for mortgage Mortgage applications last weekfell 7.2 percent, led by a 12 perceng decline in refinancing. Refinancing existint mortgages still makes up about 60 percent of the mortgageunderwriting business.