Industry News

Real estate rates endure 5-week climb

30-year fixed reaches 5.82% in Freddie Mac survey

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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