Industry News

Fixed-mortgage rates nudge higher

One-year adjustable loan slips for seventh consecutive week in Freddie Mac survey

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Mortgage rates increased slightly this week but remained near last summer's 46-year lows, according to surveys conducted by mortgage buyer Freddie Mac and Bankrate. In Freddie Mac's weekly survey, the 30-year fixed-rate mortgage averaged 5.4 percent for the week ended today, up slightly from last week when it averaged 5.38 percent. The average for the 15-year fixed-rate mortgage this week is 4.7 percent, almost unchanged from last week when it averaged 4.69 percent. Points on both the 30- and 15-year averaged 0.7. One-year Treasury-indexed adjustable-rate mortgages averaged 3.36 percent this week, with an average 0.6 point, down from 3.39 percent last week. This is, again, the lowest the one-year ARM has been since Freddie Mac began tracking those figures in January 1984. "Low mortgage rates continue to fuel the housing market, making home ownership more attainable to a broader segment of families," said Frank Nothaft, Freddie Mac chief economist. "As evidence of this, we have see...