Fixed mortgage rates increased for the fifth straight week according to Freddie Mac's Weekly Primary Mortgage Market Survey for the week ended April 27 and adjustable rate mortgages (ARMs) logged the sixth consecutive week of increases.

In a separate report Freddie Mac announced that cash-out financing of its owned loans recently hit the highest level since the third quarter of 1990.

Freddie Mac estimated that $170 billion in home equity will be converted to cash through refinancing during 2006.

¶ Mortgage Rates, Applications, Cash Out Refinancing All Up