Mortgage rates reach six-month high - Jacksonville Business Journal:

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says 30-year mortgages averaged 5.59 up from 5.29 percent last The last time long-terjm mortgage rates were this high wasin Adjustable-rate mortgages also with the average one-year ARM now at 5.04 “Mortgage rates followed the increase in bond yields this says Freddie Mac FRE) chief economist Frank Nothaft, who notes a better-than-expectef unemployment report moved yields higher. “As a federal funds futures rose aftedrthe report, signaling that the market expects the Federakl Reserve may raise its benchmark rate sooner rathedr than later.” A report from the this week showedc rising mortgage rates are slowing the demand for mortgagw refinancing.
Mortgage applications last weekfell 7.2 led by a 12 percent decliner in refinancing. Refinancing existing mortgages still makes up aboutg 60 percent of the mortgageunderwriting business.