Mortgage rates continue gradual climb

The average 30-year fixed-rate mortgage stood at 6.04 percent last week, up slightly from the previous week when it was 6.01 percent, according to Freddie Mac’s Primary Mortgage Market Survey.

“Financial markets currently are very inflation-sensitive, putting upward pressure on mortgage rates,” said Frank Nothaft, Freddie Mac vice president and chief economist. “However, several economic indicators suggest that the economy isn’t overheating and that inflation is relatively contained. Looking ahead into the spring home buying season, we don’t expect mortgage rates to rise too much or too quickly in the near term. As a result, housing activity should stay on track for a strong 2005.”

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