Mortgage rates going up - The Business Journal of Milwaukee:

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says the average 30-year fixed-rate mortgagew rose to 4.91 percent this week, up from 4.82 percent last week. A year ago, 30-year fixed-rate mortgages were averaging 6.08 percent. While long-ter rates rose, adjustable rates fell. One year ARMs now averager 4.69 percent, down from last week' 4.82 percent. "Fixed-rate mortgages followed long-term bond yieldx higher this week as the financial markets try to discern the statee ofthe economy," says Freddie Mac FRE) chief economist Frank Nothaft. "Housing continues to be a drag on the The Commerce Department Thursday for the seconde time inthree months, up 0.
3 Median prices for new homes fell 15 percent from year ago levels, it Existing home sales rose 2.9 percent in April, but inventoriezs of homes for sale also rose sharply, according to the . Salees of distressed homes, including thosew in foreclosure, made up 45 percent of saless in April.