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30 Year Mortgage Rate Hits 6.66%
Mortgage applications fell last week as mortgage rates were mixed, an industry trade group said Wednesday.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity for the week ended May 26 decreased 1.9% to 541.9 from the previous week.
Borrowing costs on 30-year fixed-rate mortgages, excluding fees, averaged 6.66%, up 0.05 percentage point from the previous week, and matching a four-year high touched two weeks ago.
Fixed 15-year mortgage rates averaged 6.22%, down from 6.23%. Rates on one-year adjustable-rate mortgages (ARMs) increased to 6.09% from 6.02%.
The MBA's seasonally adjusted purchase mortgage index fell 0.2% to 395.5.
The purchase index — considered a timely gauge of U.S. home sales — was also below its year-ago level of 462.7.
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30 year mortgage rates reach 6.66% on 6/6/06. DUH DUN DUN
