Mortgage rates going up - Washington Business Journal:

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says the average 30-year fixed-rat e mortgage rose to 4.91 percent this week, up from 4.82 percenty last week. A year ago, 30-year fixed-rate mortgages were averaging 6.08 While long-term rates rose, adjustable ratesw fell. One year ARMs now averagd 4.69 percent, down from last week's 4.82 "Fixed-rate mortgages followed long-term bond yieldsd higher this week as the financiaol markets try to discern the state of the says FreddieMac (NYSE: FRE) chief economisg Frank Nothaft. "Housing continues to be a drag onthe economy." The Commercr Department Thursday for the secondx time in three months, up 0.3 percent.
Median pricesd for new homes fell 15 percenrt from yearago levels, it said. Existing home salesa rose 2.9 percent in April, but inventoriesx of homes for sale also rose according tothe . Sales of distressed homes, includinv those in foreclosure, made up 45 percent of salew in April.