Jones Lang LaSalle


Mortgage Rates Near Level Last Seen in '02
By a WALL STREET JOURNAL Staff Reporter
April 21, 2006; Page C4

NEW YORK -- Long-term home mortgage rates rose to their highest levels in nearly four years, said Freddie Mac, the housing finance agency.

The average for 30-year fixed mortgage rates for the week ended yesterday was 6.53%, up from 6.49% a week earlier. The rate hasn't been higher since July 2002, when it averaged 6.54%, Freddie Mac said. One year ago, 30-year mortgages averaged 5.80%.

The average for 15-year fixed-rate mortgages this week was 6.17%, the highest since June 2002, and up from 6.14% one week ago and the year-ago 5.36%.

Five-year Treasury-indexed hybrid adjustable-rate mortgages were 6.16%, up from 6.13% one week ago and the year-ago 5.22%. One-year treasury-indexed ARMs were 5.63%, up from 5.61% a week ago and the year-ago 4.26%.

"As a result of higher mortgage rates, housing market activity is beginning to slow, as evidenced in the lower housing starts statistics for March," said Frank Nothaft, Freddie Mac vice president and chief economist.