30-year Mortgage Rate Breaks 6% Mark
MC LEAN, Va. - For the first time in more than six months, the 30-year fixed mortgage rate topped 6%. The average rate paid on a 30-year loan the week of Oct. 10 was 6.03%, up from 5.98% the previous week. A year ago, Freddie Mac said the rate on the 30-year fixed rate mortgage averaged 5.74%. Freddie Mac Chief Economist Frank Nothaft pointed the finger at "solid economic growth" as the cause of the rate hike. "That acceleration of growth, coupled with the specter of higher energy costs, will translate into higher long-term mortgage rates in the coming months," he said. The rate on the 15-year fixed mortgage is also going up. The week of Oct. 10 it was at 5.62%, up from the previous week's 5.54% and last year's 5.14%.