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UPDATE

Mortgage rates continue higher

August 03, 2003|From Times wire reports

Home-borrowing costs rose for the sixth consecutive week, rising above 6% for the first time since December. The average rate on 30-year fixed-rate mortgages rose to 6.14% last week, up from 5.94% last week before, Freddie Mac reported

The rate on 15-year mortgages rose for a seventh straight week to an average of 5.44% -- the highest since 5.46% in mid-December -- and up from 5.27% the previous week.

One-year adjustable rate mortgages stood at an average of 3.68%, compared with 3.67% last week.

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