Washington, D.C., Dec. 6, 2002--Mortgage rates around the country moved up for the third week in a row, with rates on 30-year mortgages climbing to their highest level since late October.
The average interest rate on 30-year fixed-rate mortgages rose to 6.19% for the week ending Dec. 6, Freddie Mac reported Thursday in its weekly nationwide survey. That was up from 6.13% in the previous week and marked the highest rate since the week ending Oct. 25 when 30-year rates averaged 6.31%.
Even with the recent upticks, mortgage rates are still low enough to continue to keep the housing market healthy, economists said.
Rates on 30-year mortgages dropped to 5.94% for the week ending Nov. 15, the lowest level since the mortgage giant began tracking 30-year mortgage rates in 1971. It also had marked the seventh time this year that rates on this benchmark mortgage hit a new low.
For 15-year fixed-rate mortgages, a popular option or refinancing, rates increased to 5.60% this week, up from last week's 5.57%.
Low mortgage rates this year have been feeding a refinancing boom. The extra monthly cash consumers are saving by refinancing their mortgages at lower interest rates is helping to support consumer spending, which has been the main force keeping the economy going this year. Home sales--powered by low mortgage rates--are expected to post records this year.
