Mortgage rates inched higher for the second consecutive week, as last week's employment report calmed fears of an economic downturn, according to surveys conducted by Freddie Mac and Bankrate.com. In Freddie Mac's survey, the 30-year fixed-rate mortgage averaged 5.66 percent for the week ended today, up slightly from last week when it averaged 5.62 percent. The average for the 15-year fixed-rate mortgage this week is 5.25 percent, up from last week when it averaged 5.2 percent. Points on both the 30- and 15-year averaged 0.6. Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 5.15 percent this week, with an average 0.7 point, down from last week when they averaged 5.19 percent. One-year Treasury-indexed ARMs averaged 4.39 percent this week, with an average 0.7 point, up from last week when they averaged 4.33 percent. "Over the past few weeks, financial markets have been gearing up for greater growth in the economy, which ultimately leads to higher inflation rates...
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