Mortgage rates rise during week

WASHINGTON, April 24 (UPI) -- Interest rates for 30-year, fixed-rate mortgages increased in the United States after two weeks of stagnation, Freddie Mac reported Thursday.

The average 30-year fixed interest rate averaged 6.03 percent with an average 0.3 point on the week ending April 24, compared with 5.88 percent with an average of 0.4 points for the week ending April 17, Freddie Mac said.

A year ago, 30-year fixed rate mortgages averaged 6.16 percent.

At 5.62 percent with an average 0.3 point, the 15-year fixed rate average also rose during the week, from 5.40 percent with an average of 0.4 points the previous week.

"Average rates on mortgages increased across the board this last week as the most recent economic data raised inflationary concerns in the capital markets," Freddie Mac chief economist Frank Northaft said.

"March's index of leading indicators showed a tepid increase of 0.1 percent, after five consecutive months of decline," he said, stating the increase would result in "a reduced likelihood" that the U.S. Federal Reserve Bank would reduce interest rates at their next Open Market Committee meeting.