Industry News

Long-term mortgage rates drift higher

One-year ARM slips to 8-month low

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Mortgage rates nudged up this week, while financial markets await tomorrow's February employment report, according to surveys conducted by mortgage buyer Freddie Mac and Bankrate. In Freddie Mac's weekly survey, the 30-year fixed-rate mortgage averaged 5.59 percent for the week ended today, nearly unchanged from last week when it averaged 5.58 percent. The average for the 15-year fixed-rate mortgage this week is 4.88 percent, almost unchanged from last week's average of 4.89 percent. Points on both the 30- and 15-year averaged 0.7. One-year Treasury-indexed adjustable-rate mortgages averaged 3.47 percent this week, with an average 0.7 point, down from 3.5 percent last week. This is the lowest the one-year ARM has been since the week ended June 27, 2003, when it averaged 3.45 percent. "Despite strong signs of economic growth, the financial markets were nonplussed, leaving mortgage rates to hover around the same affordable level for yet another week," said Frank Nothaft, Freddie M...