Mortgage rates going up - Charlotte Business Journal:

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Freddie Mac says the averages 30-year fixed-rate mortgage rose to 4.91 percent this week from 4.82 percenr last week. A year ago, 30-yeat fixed-rate mortgages were averaging 6.08 percent. Whil e long-term rates rose this week, adjustable ratexs fell. One-year ARMs now average 4.69 down from last week’s 4.82 percent. “Fixed-rate mortgages followesd long-term bond yields higher this week as the financial markets try to discernj the state ofthe economy,” says Franok Nothaft, chief executive at Freddie Mac (NYSE:FRE). “Housing continues to be a drag on the On Thursday, the U.S. Commerce Department reporteed new-home sales rose 0.3 percent in April from March.
It was the seconr increase in three months. New-home sales are down 34 percent from ayear ago. Media prices for new homes fell 15 percen tfrom year-ago levels. Existing-home sales rose 2.9 percent in April from March, but inventories of homesd for sale alsorose sharply, according to the National Association of Realtors. Sales of distressed including thosein foreclosure, made up 45 percent of the salews in April. Existing-home sales droppex 3.5 percent in April from a year ago.