Industry NewsMortgage

Mortgage rates going up, up, up

Fed may take action as soon as next week

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Mortgage rates ticked up from historic lows for the fourth week in a row as the bonds that finance most home loans continue to look overpriced to investors.Some have speculated that the prospect of rising mortgage rates could spur homebuyers who have been sitting on the fence into action. But for now, mortgage rates are still well below historic norms, and there's speculation that the Federal Reserve could move as early as next week to keep long-term rates in check.For 30-year fixed-rate mortgages, rates averaged 3.66 percent with an average 0.7 point for the week ending Aug. 23, Freddie Mac said in releasing the results of its latest Primary Mortgage Market Survey. That's up from 3.62 percent last week, but well below the 4.22 percent offered at the same time a year ago. Rates on 30-year fixed-rate mortgages hit an all-time low in Freddie Mac records dating to 1971 of 3.49 percent during the week ending July 26.For 15-year fixed-rate mortgages -- a popular option for homeowners refina...