Industry NewsMortgage

Mortgage rates climb past 6%

Real estate brief
Published on Sep 25, 2008

Market uncertainty over the state of the economy helped push interest rates for some mortgages back up above 6 percent this week, Freddie Mac said in releasing its weekly rate survey. The 30-year fixed-rate mortgage (FRM) averaged 6.09 percent with an average 0.7 point for the week ending Sept. 25, up from 5.78 percent a week ago but well below the 6.63 percent peak for the year seen in July. A year ago, lenders were charging 6.42 percent for 30-year FRMs. The 15-year FRM averaged 5.77 percent with an average 0.6 point, up from 5.35 percent last week but down from 6.09 percent a year ago. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.02 percent with an average 0.6 point, up from 5.67 percent last week but down from 6.15 percent a year ago. One-year Treasury-indexed ARMs averaged 5.16 percent with an average 0.5 point, up from 5.03 percent last week but down from 5.6 percent a year ago. "Mortgage rates followed Treasury bond yields high...

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