Industry News

Real estate rates gain for third week

One-year adjustable-loan rate approaches 3-year high

Mortgage rates rose for the third consecutive week as positive economic news continued, according to surveys conducted by Freddie Mac and Bankrate.com. In Freddie Mac's survey, the 30-year fixed-rate mortgage averaged 5.73 percent for the week ended today, up from last week when it averaged 5.66 percent. The average for the 15-year fixed-rate mortgage this week is 5.32 percent, up from last week when it averaged 5.25 percent. Points on both the 30- and 15-year averaged 0.4. The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 5.26 percent this week, with an average 0.5 point, up from last week when it averaged 5.15 percent. The one-year Treasury-indexed ARM averaged 4.42 percent this week, with an average 0.6 point, up from last week when it averaged 4.39 percent. The last time the one-year ARM was higher was the week ended Aug. 2, 2002, when it averaged 4.45 percent. "As the one-year ARM reaches its highest interest-rate level in almost three years, it...

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