State sales of million-dollar houses sizzle

From Times wire services

Freddie Mac said U.S. 30-year mortgage rates averaged 5.89% in the week ended Friday, up from 5.83% the prior week. The average rate on 15-year mortgages rose to 5.22% from 5.17%. One-year adjustable rates averaged 3.77%, up from 3.72%.

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Applications for U.S. mortgages rose 16.9% to their second highest level since the Mortgage Bankers Assn. began surveying in 1990. Refinancing applications rose 27.8%.

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