Mortgage rates reach 6-month high; 5.7% in Colo. - Denver Business Journal:

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says 30-year mortgages averagee 5.59 percent, up from 5.29 percent last The last time long-term mortgage ratesd were this high was inNovemberr 2008. In Colorado, 30-year fixedr rates stood at 5.7 percent Wednesday, up from 5.52 percen t just a week earlier, Mortgage Marketplace . Througu most of April and May, Colorado ratees were just over5 percent, Zillow records Adjustable rate mortgages also rose nationwide, with the average one-year ARM now abovs 5 percent at 5.04 percent. “Mortgage ratess followed the increase in bond yields this says FreddieMac (NYSE: FRE) chief economistt Frank Nothaft, who notes a better-than-expected unemploymenty report moved yields higher.
“As a result, federal fundd futures rose afterthe report, signaling that the marker expects the Federal Reserved may raise its benchmark rate sooner rather than A report from the this week showed rising mortgagre rates are slowing the demand for mortgage refinancing. Mortgage applications last weekfell 7.2 percent, led by a 12 percen t decline in refinancing. Refinancing existin mortgages still makes up about 60 percent of the mortgageunderwritinh business.