Industry News

Mortgage rates jump for third week

Rise brings home sales, prices closer to normal

Mortgage rates increased for the third consecutive week as markets expect the Fed to continue raising its key interest rate to keep inflation in check, according to surveys conducted by Freddie Mac and Bankrate.com. In Freddie Mac's survey, the 30-year fixed-rate mortgage rose to an average 6.78 percent for the week ended today, up from last week's average of 6.71 percent. The 30-year fixed has not been higher since May 24, 2002, when it averaged 6.81 percent. The average for the 15-year fixed-rate mortgage climbed to 6.43 percent this week, up from last week's average of 6.36 percent. The 15-year fixed has not been higher since April 12, 2002, when it averaged 6.49 percent. Points, which are fees charged by lenders for loan processing expressed as a percent of the loan, averaged 0.5 on the 30- and 15-year loans. The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 6.39 percent this week, with an average 0.5 point, up from last week when it averaged 6.32 per...

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