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by CareyBot

Mortgage rates inched higher this week despite a lack of strong economic news, Freddie Mac reported today. The average rate on 30-year fixed-rate mortgages rose from 5.67 percent to 5.72 percent, and the average 15-year fixed mortgage rate jumped from 5.15 percent to 5.25 percent. Points, or fees that lenders charge for loan processing expressed as a percent of the loan, averaged 0.4 on the 30- and 15-year loans. "This week was relatively light on the number of economic data releases, which painted a mixed picture regarding the current state of the economy," Frank Nothaft, Freddie Mac vice president and chief economist, said in a prepared statement. "On a positive note, labor productivity rose higher than market forecasts in the fourth quarter of 2007 while gains in labor costs s...