30-year mortgage at highest '04 level

April 18, 2004|By BLOOMBERG NEWS

The average 30-year fixed mortgage rate rose to its highest level this year, as signals of economic strength pushed up long-term borrowing costs.

Benchmark 30-year mortgage rates averaged 5.89 percent last week, the fourth straight weekly gain, said Freddie Mac, the No. 2 purchaser of U.S. mortgages.

The 30-year rate rose from 5.79 percent a week earlier and is up from a nine-month low of 5.38 percent on March 19. Last week's average was the highest since 6.02 percent in the week ended Dec. 5.

The 15-year fixed rate rose to 5.23 percent from 5.12 percent, Freddie Mac said.

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