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cheapbag214s · Posted: Mon 8:52, 04 Nov 2013 Post subject: WASHINGTON

Freddie Mac says rates moved higher for second consecutive week
WASHINGTON, May 16 () -- Average U.S. mortgage rates for long-term loans rose for the second consecutive week in the week ended Thursday, the Federal Home Loan Mortgage Corp. said.Prior to the two-week stretch, interest rates had dropped for six consecutive weeks.In the current week, average rates on 30-year fixed rate loans rose from 3.42 percent to 3.51 percent with an average 0.7 point, Freddie Mac said.Average rates for 15-year fixed rate loans rose from 2.61 percent to 2.69 percent with an average 0.7 point.Average interest rates for five-year adjustable rate mortgages rose from 2.58 percent to 2.62 percent with 0.5 point, Freddie Mac said. And one-year adjustable rate mortgages using 10-year bonds as a benchmark averaged 2.55 percent with 0.4 point in the week, up from 2.53 percent in the previous week.One point is equal to 1 percent of the amount of the loan and is typically paid up front. It includes a corresponding discount on the loan's long-term interest rates."Mortgage rates followed U.S. Treasury bond yields higher this week on signs of stronger consumer spending,[url=http://www.christianalouboutin.co.uk]christian louboutin Uk[/url]," said Frank Nothaft, vice president and chief economist at Freddie Mac."Households are also shoring up their balance sheets," he said, noting household debt had declined by $110 billion in the first quarter.