Industry News

Real estate rates endure 5-week climb

30-year fixed reaches 5.82% in Freddie Mac survey
Published on Aug 4, 2005

Positive economic news fueled the fifth 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 5.82 percent for the week ended today, up from last week when it averaged 5.77 percent. The average for the 15-year fixed-rate mortgage this week is 5.38 percent, up from last week when it averaged 5.34 percent. Points on both the 30- and 15-year averaged 0.6. The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 5.3 percent this week, with an average 0.7 point, up slightly from last week when it averaged 5.27 percent. The one-year Treasury-indexed ARM averaged 4.47 percent this week, with an average 0.7 point, up from last week when it averaged 4.46 percent. "Long-term mortgage rates will more than likely rise over the next few months, albeit modestly compared to shorter-term rates," said Frank Nothaft, vice president and chief economist at Freddie Mac....

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