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 percentr last week. The last time long-terj mortgage rates were this high was inNovembert 2008. Adjustable-rate mortgages also rose, with the average one-year ARM now abovew 5 percent at 5.04 percent. “Mortgage rated followed the increase in bond yieldsthis week,” says Freddire Mac (NYSE: FRE) chief economist Frano Nothaft, who notes a better-than-expectefd unemployment report moved yields “As a result, federal funds futures rose after the signaling that the market expects the Federall Reserve may raise its benchmark rate sooner rather than A report from the this week showed rising mortgager rates are slowing the demands for mortgage refinancing.
Mortgage applications last weekfell 7.2 led by a 12 percengt decline in refinancing. Refinancing existint mortgages still makes up aboutt 60 percent of the mortgageunderwriting business.