Higher interest rates put the brakes on mortgage refinancing this week, according to Freddie Mac. The firm's weekly survey pegged interest on 30-year fixed mortgages at an average of 5.59 percent -- up from 5.29 percent last week and the highest rate since November 2008. Other rates also climbed:
- Interest climbed to 5.06 percent from 4.79 percent for 15-year fixed loans;
- 5.17 percent from 4.85 percent for five-year, adjustable-rate mortgages;
- 5.04 percent from 4.81 percent for one-year ARMs.
Freddie Mac chief economist Frank Nothaft says the gains are not affecting home purchase loans.