Mortgage Rates Highest in Seven Months

Long-term mortgage interest rates have climbed to their highest levels since late last year, casting a dark cloud on any early signs of a housing recovery and stalling the recent wave of refinances many struggling homeowners employed to get out from under unsustainable mortgages. According to the Primary Mortgage Market Survey (PMMS) issued by Freddie Mac on Thursday, interest rates for 30-year fixed-rate mortgages (FRMs) are now averaging 5.59 percent. Freddie Mac says the last time the 30-year FRM was higher was the week ending November 26, 2008, when it was 5.97 percent. Last week, the average rate for a 30-year FRM was 5.29 percent, and last year at this time, it was 6.32 percent.

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