Mortgage Commentary

-- Average 30-year fixed mortgage rates are at their highest in six
months, almost touching the 6% area, according to the latest survey from
Freddie Mac. It rose for a 4th week without a pause to 5.98% this week.
Last year at this time, 30-year rates were averaging 5.82%.

-- The average for a 15-year fixed loan was 5.54% this week, up from
last week when it averaged 5.48%. A year ago, the 15-year loan rate
averaged 5.24%.

-- Five-year, Treasury-indexed hybrid ARMs (Adjustable Rate
Mortgage) averaged 5.48%, up from last week, when it averaged 5.44%.

-- One-year, Treasury-indexed ARMs averaged 4.77% this week, up
from last week when it averaged 4.68%. At this time last year, it averaged
4.08%.

--The above rates for 30-year and 15-year loans required the payment of
an average 0.5 point; the ARMs required 0.6 point [A point equals 1% of
the loan amount, charged as prepaid interest].