Average Mortgage Rates Hit 4-Year High

Mortgage Rates Hit 4-Year High(June 22, 2006) -- An increase in mortgage costs last week discouraged home owners from refinancing.Refinancing's share of all loan applications slipped to 35.5 percent last week from 35.7 percent the previous week, and was down 43 percent from the same time last year, according to the Mortgage Bankers Association.The MBA says its Market Composite Index, a measure of mortgage loan application volume, last week declined 0.8 percent to 567.6.The average rate on a 30-year, fixed-rate mortgage jumped to 6.73 percent, the highest it’s been since May 2002. The average rate for a 15-year, fixed-rate mortgage increased to 6.37 percent and a one-year ARM increased to 6.22 percent.— REALTOR® Magazine Online