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Mortgage rates rise after Fed meeting

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Mortgage rates edged up this week after the Federal Reserve decided it would not cut its key interest rate in the face of inflation worries, 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 6.4 percent, up from 6.36 percent last week, while the 15-year fixed-rate mortgage inched up to an average 6.1 percent from last week's 6.06 percent. Points, which are fees charged by lenders for loan processing expressed as a percent of the loan, averaged 0.4 on the 30- and 15-year loans. The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) this week averaged 6.14 percent, with an average 0.6 point, up from last week when it averaged 6.11 percent. The one-year Treasury-indexed ARM averaged 5.6 percent with an average 0.7 point, up from last week when it averaged 5.57 percent. "At it's most recent meeting, the Federal Reserve again declined to raise rates for the third time, citing a slowdow...