Industry News

Economic surprise boosts real estate rates

One-year adjustable loan now at 3-year high

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Stronger than expected economic news pushed mortgage rates up for the eighth consecutive week, and sent the one-year adjustable-rate mortgage to highs not seen in more than three years, according to surveys conducted by Freddie Mac and Bankrate.com. In Freddie Mac's survey, the 30-year fixed-rate mortgage averaged 6.31 percent for the week ended today, up from last week's average of 6.15 percent. The average for the 15-year fixed-rate mortgage is 5.85 percent, up from last week when it averaged 5.69 percent. Points on both the 30- and 15-year averaged 0.5. The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 5.76 percent this week, with an average 0.5 point, up from last week when it averaged 5.63 percent. The one-year Treasury-indexed ARM averaged 5.09 percent, with an average 0.5 point, up from last week when it averaged 4.91 percent. This is the highest the one-year ARM has been since March 29, 2002, when it was 5.11 percent. "Based on preliminary GDP figures f...