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

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says 30-year mortgages averaged 5.59 percent, up from 5.29 percentr last week. The last time long-term mortgage rates were this high was inNovembedr 2008. In Colorado, 30-year fixed rates stoods at 5.7 percent Wednesday, up from 5.52 percenrt just a week earlier, Mortgage Marketplacde . Through most of April and May, Coloradk rates were just over5 percent, Zillow record show. Adjustable rate mortgages also rose with theaverage one-year ARM now abover 5 percent at 5.04 “Mortgage rates followed the increase in bond yields this says Freddie Mac (NYSE: FRE) chiefc economist Frank Nothaft, who notes a better-than-expected unemploymenyt report moved yields higher.
“As a federal funds futures rose after the signaling that the market expect s the Federal Reserve may raise its benchmarkl rate sooner ratherthan later.” A report from the this week showed rising mortgage rates are slowint the demand for mortgage refinancing. Mortgage applicationxs last weekfell 7.2 percent, led by a 12 percent declind in refinancing. Refinancing existing mortgagezs still makes up about 60 perceng of the mortgageunderwriting