Industry News

Real estate rates climb for fourth week

Monthlong increase a stark contrast to last year's reaction
Published on Jul 28, 2005

Positive economic news fueled the fourth consecutive week of rising mortgage rates, according to surveys conducted by Freddie Mac and Bankrate.com. In Freddie Mac's survey, the 30-year fixed-rate mortgage averaged 5.77 percent for the week ended today, up from last week when it averaged 5.73 percent. The average for the 15-year fixed-rate mortgage is 5.34 percent, up from last week when it averaged 5.32 percent. Points on both the 30- and 15-year averaged 0.5. The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 5.27 percent this week, with an average 0.6 point, up slightly from last week when it averaged 5.26 percent. The one-year Treasury-indexed ARM averaged 4.46 percent, with an average 0.6 point, up from last week when it averaged 4.42 percent. The last time the one-year ARM was higher was the week ending July 19, 2002, when it averaged 4.5 percent. "Although inching upwards, the average 30-year fixed-rate mortgage rate for the month of July was lower than ...

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