|
|
Article: Mortgage rates climbing Refinancing activity slows as benchmark rate tops 6 percent
- Article from:
- Oakland Tribune
- Article date:
- August 1, 2003
- Author:
CopyrightCopyright 2003 Oakland Tribune. Provided by ProQuest LLC. (Hide copyright information)
|
WASHINGTON -- Rates on benchmark 30-year mortgages this week broke
through the 6 percent mark for the first time this year, rising to
the highest level since early December.
Climbing mortgage rates are slowing refinancing activity and could
turn off some prospective home buyers, economists say.
The average rate on 30-year fixed-rate mortgages for the week
ending Aug. 1 was 6.14 percent, up sharply from last week's rate of
5.94 percent, mortgage giant Freddie Mac reported Thursday in its
weekly nationwide survey.
This week's rate marked the highest since the week ending Dec. 6,
2002, when rates on 30-year mortgages averaged 6.19 percent.
The recent upward swing in mortgage rates marks a ...